Alberta has plunged into a "depression", says Mullen Group CEO

[mentalfloss]

Alberta has plunged into a "depression", says Mullen Group CEO

The crash in crude prices has spurred thousands of job losses, billions in spending cuts and countless other cost-saving measures across Canada's energy heartland. And now the ripple effect from lower oil prices is prompting one industry executive to declare Alberta has slumped to a new level of economic despair.

“I think we’ve gone beyond a recession, and more of depression [in Alberta],” said Mullen Group Ltd. Chief Executive Officer Murray Mullen in an interview on BNN. He added that the latest commodity price collapse at the start of 2016 was “the nail in the coffin for the industry for the next bit."

This is consistent with what at least one other guest has told BNN in recent months. Money manager Tim Gramatovich of Peritus Asset Management also used the d-word in reference to the state of Alberta’s energy industry last month. He said he believes it will take years, even decades, for Alberta to recover from the crash in crude.

Meanwhile, Mullen likens the difficulties facing the oil and gas sector to those back in the 1980s.

“A lot of people didn’t make it through the 80s,” he said.

Alberta has plunged into a "depression", says Mullen Group CEO - BNN News

 

[captain morgan]

Goona be some lean time for the historical have-not provinces now that the ATM from the energy sector has run out of cash.

 

[Angstrom]

Goona be some lean time for the historical have-not provinces now that the ATM from the energy sector has run out of cash.

It's ok, Saudi Arabia is giving us 14 billion dollars in foreign aid.

 

[DaSleeper]

 

[IdRatherBeSkiing]

Sunny Times.

 

[JamesBondo]

Goona be some lean time for the historical have-not provinces now that the ATM from the energy sector has run out of cash.

I find it is callous of you to imply that the have-not provinces aren't already lean. No one is lining the purses with gold lace.

Alberta has plunged into a "depression", says Mullen Group CEO

The crash in crude prices has spurred thousands of job losses, billions in spending cuts and countless other cost-saving measures across Canada's energy heartland. And now the ripple effect from lower oil prices is prompting one industry executive to declare Alberta has slumped to a new level of economic despair.

“I think we’ve gone beyond a recession, and more of depression [in Alberta],” said Mullen Group Ltd. Chief Executive Officer Murray Mullen in an interview on BNN. He added that the latest commodity price collapse at the start of 2016 was “the nail in the coffin for the industry for the next bit."

This is consistent with what at least one other guest has told BNN in recent months. Money manager Tim Gramatovich of Peritus Asset Management also used the d-word in reference to the state of Alberta’s energy industry last month. He said he believes it will take years, even decades, for Alberta to recover from the crash in crude.

Meanwhile, Mullen likens the difficulties facing the oil and gas sector to those back in the 1980s.

“A lot of people didn’t make it through the 80s,” he said.

Alberta has plunged into a "depression", says Mullen Group CEO - BNN News

Since you are already using phrases like "will be fine" what do you call this? a step in the right direction?

 

[Retired_Can_Soldier]

Back to work earlier than usual and forecasts in work are: more than we had last year. Still making 10 G's gross a month Flossy, how bout you?

 

[mentalfloss]

I make pretty much just above the average and perfectly satisfied.

Is there something wrong with that?

 

[pgs]

I make pretty much just above the average and perfectly satisfied.

Is there something wrong with that?

Do you produce anything other then opinions?

 

[Retired_Can_Soldier]

I make pretty much just above the average and perfectly satisfied.

Is there something wrong with that?

Actually most consider you pretty much below average, but heck, the world needs guys who sit in basements and make sh!t up. I just wonder how your salivating toward Alberta's demise from the epicenter of Sucking Central pays? I understand...
Pen!s envy can make a man bitter when his hog just doesn't measure up.

Keep posting your nonsense.

Anytime you want to compare paychecks, let me know,

I'll be over here in the Great Depression.

 

[MHz]

Who gets to treat us, the Justice System or the Pharmacy?

 

[mentalfloss]

Actually most consider you pretty much below average, but heck, the world needs guys who sit in basements and make sh!t up. I just wonder how your salivating toward Alberta's demise from the epicenter of Sucking Central pays? I understand...
Pen!s envy can make a man bitter when his hog just doesn't measure up.

Keep posting your nonsense.

Anytime you want to compare paychecks, let me know,

I'll be over here in the Great Depression.

Well you continue to enjoy that and I do not hold your wealth against you but it's sad that you need to compare yourself to others to feel better about yourself.


Has Alberta moved from recession to depression?

ARC Financial’s Peter Tertzakian sat on the province’s Royalty Review Panel and says Alberta’s biggest industry has passed the recession stage and is now in a depression.

Tertzakian spoke to the Business News Network on Friday morning and said even if oil prices jump this year it won't change things anytime soon.

“There’s still very limited cash flow. It’s dried up for the producers, which means the service companies take it on the chin doubly hard. The price, even if it goes back to 50, 60, we’re still going to have to wait until the activity starts to kick in so unfortunately the service industry, not only here but globally, is really in a state of depression,” said Tertzakian.

Has Alberta moved from recession to depression? | CTV Calgary News

 

[Locutus]

ooooo...the "mullen group".

Lol.

 

[taxslave]

The joys of voting NDP. THat is what happened to BC in the 90s too. The rest of the country was doing just fine and BC was depression city.

 

[mentalfloss]

Explain Saskatchewan.

 

[JamesBondo]

you mean explain why is was so slow to boom compared to Alberta.

 

[MHz]

The east would not allow Sask to get revenue from grain and oil at the same time.

 

[mentalfloss]

you mean explain why is was so slow to boom compared to Alberta.

While a Conservative government was in both provinces.

 

[PoliticalNick]

I find it is callous of you to imply that the have-not provinces aren't already lean. No one is lining the purses with gold lace.

Wtf do you know? Here's an eye-opener...

This year F*cking Faggot of a province Quebec receives $10billion in transfer payments and has a budget surplus of $2billion. Meanwhile Alberta contributes $10billion to the transfer program and has a $10.5billion deficit.

No way on earth should this happen. The people of Alberta who have propped up the eastern economy for decades gets to go $10billion into debt to pay for services to citizens who have NEVER been net contributors to Canada in any way shape or form. F*ck Quebec and all the other eastern regions who cannot support themselves.

 

[Angstrom]

Wtf do you know? Here's an eye-opener...

This year F*cking Faggot of a province Quebec receives $10billion in transfer payments and has a budget surplus of $2billion. Meanwhile Alberta contributes $10billion to the transfer program and has a $10.5billion deficit.

No way on earth should this happen. The people of Alberta who have propped up the eastern economy for decades gets to go $10billion into debt to pay for services to citizens who have NEVER been net contributors to Canada in any way shape or form. F*ck Quebec and all the other eastern regions who cannot support themselves.

Who blocks pipeline to help Alberta :lol: