16 percent rig utilization Jan 4

[Sporty]

Originally Posted by avb3

$85k net and one can't save?

Assuming $2500 mortgage/taxes, $800 food, $500 utilities, leaves $40k for everything else. And I'm being generously high with those payments.

What could possibly absorb another $3300/ month?

Payments for vehicles and toys maybe? People need to get real and understand that most make far less and are able to do just fine.

Not sure what world you live in where what you listed are the only expenditures that most people have per month. You're missing out on insurance, healthcare, education, clothing, personal care, gas, vehicle maintenance, extra curricular activities for kids etc. Add in the money that some put away into investments such as RRSP's.

If you're thinking in terms of O&G as strictly oil sands where they can run year round, the rest of the industry works on a seasonal basis. Typically spring break up comes mid March, often times lasting until freeze up. Work can and is often sporadic during break up which means there isn't regular income coming in but the bills and other expenditures don't stop with that income. You don't think that it's easy for people to go through much of their savings during that time?

[Domestique]

Individuals making poor financial decisions is not exclusive to the O&G industry.

[JimPS]

A new country song by a laid off worker nicely sums up the Alberta mood of the guys with the $500k mortgages and the $70k trucks.

He ain't no Tim Hus or Corby - but it's OK.

http://www.cbc.ca/news/canada/calgar...ckey-1.3397100

[coastalhunter]

Originally Posted by JustMe

Not at all. I have a lot of things I sure don't need, luckily paid for. I was replying to the gentleman that made the statement that prices won't go down... They will if we don't buy.

Remember the gas 'boycotts' in 2009/10? How many people followed through? None. Canadians are happy paying. Until you actually affect people they don't care.

[67ZL1]

The company I work for has been approached by banks the last month or two about purchasing other oil companies or parts of. I know we picked up several thousand wells because of this. The sad part is that the companies and their employees don't know that they are even for sale.

[79ford]

Originally Posted by 67ZL1

The company I work for has been approached by banks the last month or two about purchasing other oil companies or parts of. I know we picked up several thousand wells because of this. The sad part is that the companies and their employees don't know that they are even for sale.

We joke about the cenovus card thing when our swipe cards don't work, lol, the guys on the wrenches or entering data will be the last people to know about layoffs.


Just think... our un employment is just reaching the national average.... and you guys touting the harper legacy on economics are just finding out how true other people were in saying he didnt do squat for most of canada.

Our economy in alberta is on the same level with the rest of the country, this is what it is like trying to find a job anywhere else in canada. The economy sucks and the only thing the government bothered with was oil for the past 10 years.

Welcome to canada alberta join our great economy ex-100$ oil,hahaha

[JamesB]

Originally Posted by 79ford

We joke about the cenovus card thing when our swipe cards don't work, lol, the guys on the wrenches or entering data will be the last people to know about layoffs.


Just think... our un employment is just reaching the national average.... and you guys touting the harper legacy on economics are just finding out how true other people were in saying he didnt do squat for most of canada.

Our economy in alberta is on the same level with the rest of the country, this is what it is like trying to find a job anywhere else in canada. The economy sucks and the only thing the government bothered with was oil for the past 10 years.

Welcome to canada alberta join our great economy ex-100$ oil,hahaha

Harper did everything he could to generate jobs, low taxes, debt under control, stability in regulations. The reason the rest of the country has been having employment issues is that their taxes are too high, energy costs are too high, regulations too intrusive and constantly changing. If you don't think Wynn's policies have affected employment in Ontario you have not been paying attention. Notley is following her example and doing everything she can to ensure Alberta is on an equal footing. Hardly praiseworthy.

[ForwardBias]

Originally Posted by hal53

Would this be the same bank manager that was approving 25 year old kids for $450,000.00 mortgages?

X2

[cdales]

Even 1000$ rent is a 275k mortgage, the majority of people live in the city.. either you adjust with the economy or you go bankrupt its simple. I worked camp jobs for 7 years and grossed 1.2million+. 1.5 years ago I decided its best to get back to normal life and took a job paying 90k in the city... most of my savings went to house, land, wedding, debt. etc. I made some bad purchases in my day and made some good ones but I am happy to say I started to adjust my lifestyle 1.5 years ago when I first saw prices starting to take a dip. It took me back to 2008 and I just knew this was going to happen again but much worse and directly oil related.

I hope the best for everyone! Itll be a wild ride!!!

Take care.