Discussions

It's Scarey! EI will be or is running out soon. The ripple effect is or will be happening soon. The economy is not great in this area either. Tradesmen are having trouble finding enough work. I think there are going to be some tough years coming for the Prairies.  
 
Edited by Ter, 2016-04-24 09:16:45

Getting tougher here too. Was told that a new car dealer here in our oil patch has had 23 people surrender their keys to them so far this year.

The oil patch is basically at a standstill and much of the work on damage from our flood events is being wrapped up, so looking at construction things look tough. Another factor is the global economy Europe seems to suffering the same problems as Japan with a stalled economy and China is still not working out like expected. The next sector that could be at risk is the ag sector, there is talk of increased grain production globally and with many countries not having funds available grain purshases will likely slow and even China may slow down it's building of reserves.  
 
Like said above,tough times for a large group of people, and I'm always a bear so I feel that it is going to expand, but according to those on business channels thing are just fine and getting better.

The thing that I wonder is who's going to buy all this equipment. I would imagine a lot of it will be sold to companies in other provinces and maybe even the states. But 10 000 items up for auction is a lot and with the way the economy is going it might be rough.

The_Young_Man said "The thing that I wonder is who's going to buy all this equipment. I would imagine a lot of it will be sold to companies in other provinces and maybe even the states. But 10 000 items up for auction is a lot and with the way the economy is going it might be rough. "

10000 pieces may seem like a lot but rb has always had very large multiring sales lasting up to 3 days. As for where will the equipment go likely stateside a 40 cent discount on the dollar offers huge savings to Americans at this time.

To the U.S. buyers. At close to top dollar. If other very recent RB auctions are an indication.

Dealers of snow machines, quads, dirt/street bikes, campers, and rv's. They will be suffering, and most likely already are. Then campgrounds, and hotels. Small town restaurants will take a beating. The trickle down will hit all facets of industry. This is  
going to be ugly

Canada's economy has been growing this year, and Manitoba's is also doing well. I think there is too much pessimism lately.

Carry on. Keep your chin up.

If any trades works are interested in building solar farms in southern Manitoba, now is the time. Manitoba hydro is saying they'll cover the cost too (http://www.cbc.ca/news/canada/manitoba/manitoba-hydro-power-smart-solar-energy-1.3549407). I know a few trades workers that lost their job, and they're hoping and waiting for the solar panel fury to start here.  
 
http://www.wsj.com/articles/as-oil-jobs-dry-up-workers-turn-to-solar-sector-1461280612  
 
http://www.ironandearth.org/

If you go on u-ship after the sales you will find that some of this equipment goes overseas.  
One thing about RB auctions, they are accessible from any where

Diogenes said "If any trades works are interested in building solar farms in southern Manitoba, now is the time. Manitoba hydro is saying they'll cover the cost too (http://www.cbc.ca/news/canada/manitoba/manitoba-hydro-power-smart-solar-energy-1.3549407). I know a few trades workers that lost their job, and they're hoping and waiting for the solar panel fury to start here.     http://www.wsj.com/articles/as-oil-jobs-dry-up-workers-turn-to-solar-sector-1461280612     http://www.ironandearth.org/ "

"If any trades works are interested in building solar farms in southern Manitoba, now is the time. Manitoba hydro is saying they'll cover the cost too"  
 
The article states they will cover approx 25% of the up front costs for the system.  
 
Read here: http://www.cbc.ca/news/canada/manitoba/manitoba-hydro-power-smart-solar-energy-1.3549407

You must not work in the oil industry or know anybody that does. Scary times right now.

I know a few. That industry is struggling, but most other areas of the economy seem to be doing well.

The people in the oil industry stimulate the economy they are not going for supper not spending money on vehicles and toys. Salesman that sell vehicles and toys not making the sales no extra money for supper or movies more people get laid off. Low oil prices are not good for economy. Sounds like Liberal and NDP supporters saying it will be good cost of fuel lower people can now afford gas to go camping.not if they get laid off because nobody spending money. It is very gloomy.

But other industries are doing well. Oil people aren't the only people who go for supper and buy toys.

That's what I kept telling the executives at Tundra, Exxon, Chevron and other oil companies, that's what I kept telling the drilling companies when they kept ordering more rigs to keep up with demand from the oil companies for more holes in the ground, it's also what I told the people taking geology courses. Then I realized that when you're in business and times are good you push forward for a whole bunch of reasons, main one being if your not moving forward you're likely moving backwards, besides there was the idea or theory of Peak oil. Fix stupid, well it's business and business goes in cycles, and commodityies move in cycles, and you figure that out and then you don't need a job.

I have no idea what is around the corner.  
Some say solar power?  
Is there anything more unreliable, especially if Manitoba Hydro has its fingers in it.  
I noticed in the Border Connection paper that comes out, that there are no active rigs in the rig report.  
That is no drilling happening.  
Wait till this time next year people is all i say, it is going to be very tough to get a job.  
Also, a lot say, get another trade, go to school.  
Our trades schools are full.  
Get a different trade, then in 15 years get another because that one didn't work out.

Drive through Lloydminister.  
2 years ago, every hotel/motel room seemed book.  
Pickups from workers parked in front of each door.  
Drive through now, it is almost a ghost town.  
At the Husky truck stop there, you had a hard time finding a parking spot for the night.  
Now, it is not a issue.  
Give this another year and it will be scary.  

Lloydminster is one city. Drive through Toronto, Vancouver, Winnipeg, or lots of other larger cities, the economy is doing well there.  
 
If going to trade school isn't an option because they're all full, go to university. There are always options.  
 
Edited by ultraguy, 2016-04-26 08:46:32

Hopefully oil does recover somewhat. There are all sorts of economic spinoffs that will be suffering as well. The restaurants, hotels, other housing, steel industry ,construction, trucking , etc. ,it is all affected. In Brandon, the housing market and construction there has dropped a bit from what it was and I think oil depression is the major reason for it as well. Oil was probably driving it higher than what it should have been. We will get back to slow and steady and people will adapt, but there will be some hardship along the way and not just people directly connected to the oil industry. Lowering PST a per cent will be a good start.  
I'm more on the optimistic side though that give it another year, we hopefully will see oil come back enough to get it back on its feet,just not to booming (stupidity) levels but I'm no economist or forecaster, other factors at work such as the dollar and interest rates.

back in Sept 2014, when Rockefeller pulled out funding from Oil to switch their investments to 'clean energy'  
 
"The oil age is coming to an end."  
 

ultraguy said "Lloydminster is one city. Drive through Toronto, Vancouver, Winnipeg, or lots of other larger cities, the economy is doing well there.     If going to trade school isn't an option because they're all full, go to university. There are always options.     Edited by ultraguy, 2016-04-26 08:46:32"

Yeah Vancouver,Winnipeg and Toronto are doing well what industry is supporting them just because huge cities have high rent doesn't mean they are doing well do they have an industry. They also have high crime and high homeless but they are doing well.  

The cities all have diversified economies, there is no one specific industry that supports the whole city.

sprinter said " Was just checking out the upcoming Ritchie Bros sale in Leduc Ab that is coming up.   10,000 items for sale over 5 days.   That is a lot of stuff people.   To me that means that there is a lot of companies folding up and downsizing in Alberta.   10,000 pieces of equipment means close to that number unemployed I think.   This low oil price is going to hurt, long term.   What does everyone else think. Edited by admin, 2016-04-24 09:18:46. Reason: title"

Anybody hear how the first day of the sale went

Interesting article in NY Times Feb/2016.  
 
http://www.nytimes.com/2016/02/08/us/built-up-by-oil-boom-north-dakota-now-has-an-emptier-feeling.html