Portfolio manager says “every Canadian should be up in arms” about it.
The damage from the ongoing crisis facing the Alberta oil industry is spreading throughout Canada.
That’s the warning from Greg Taylor – a portfolio manager with Purpose Investments.
Speaking to BNN Bloomberg, Taylor said “It’s really been almost a disaster for the Canadian economy, this oil price differential. This is a story that every Canadian should be up in arms about right now, because these pipeline delays and the lack of an outtake for a lot of the Western Canadian product has really hit the entire Canadian economy and is affecting our [S&P/TSX Composite Index] also.”
Taylor also pointed out how Canada’s national unity is being damaged:
“Alberta is in panic mode right now. We’re hearing things about Alberta separatism coming back as an issue, which I think is a longshot, but things are just not good in Alberta right now and that has really been the fuel for this economy for a while.”
Justin Trudeau’s betrayal of Alberta has now been joined by the Quebec government, where the Premier of Quebec said there was no “social acceptability” for pipelines carrying “dirty oil,” even has Quebec keeps cashing the equalization cheques paid for by Alberta.
The long term prospects for both the Canadian economy and Canadian unity are going more ominous by the day. No country can survive in the long-run if one region is ruthlessly exploited and ripped off over and over and over again.