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Category: CINDE
Posted: Fri, May 1st 2020 at 12:24 PM
Due to the ongoing COVID-19 situation, the CINDE office is currently closed.  Emails and phone calls are being returned during this time and online training is still available.
 
This closure includes all workshops, exams, and courses until June 1st in both Alberta and Ontario locations.

We are contacting all course students as well as workshop and exam candidates via their contact information within their CINDE Account area. As we continue to evaluate the situation, we will provide further information on the status of our operations.
 
If you have any questions, please contact us.
Category: Industry
Posted: Wed, May 6th 2020 at 7:52 AM
A first-of-a-kind installation of a 3D-printed thimble plugging device has been performed at Exelon's Byron unit 1 during the plant's scheduled spring refuelling outage, Westinghouse has announced.
 
Additive manufacturing - or 3D printing - simplifies the manufacturing process by building a three-dimensional object from a computer-aided design model, usually by successively adding material layer by layer. Westinghouse Chief Technology Officer Ken Canavan says this enables the company to offer its customers enhanced component designs that improve performance and reduce costs, as well as to provide access to components that may not be available using traditional manufacturing methods.
 
Ken Petersen, Exelon Generation's vice president of nuclear fuels, described additive manufacturing is an exciting new solution for the nuclear industry. "The simplified approach helps meet the industry's need for a wide variety of low-volume, highly critical plant components," he said.
 
Westinghouse has been pursuing the use of powder bed fusion - an additive manufacturing technique that uses either a laser or electron beam to melt and fuse material powder together, layer by layer - "for applications including complex and next-generation components required for performance gains; obsolete and difficult-to-procure components; and unique components such as prototypes, mockups and tooling".
 
Article via World Nuclear News.
Category: Industry
Posted: Tue, Apr 28th 2020 at 12:30 PM
Floods have forced mandatory evacuations in parts of Fort McMurray, the hub for Canada’s oil sands industry, even as the province of Alberta tries to stem the spread of the coronavirus. The Regional Municipality of Wood Buffalo, which includes Fort McMurray, ordered mandatory evacuations of some residents that began on Sunday and were expanded on Monday. Ice jams caused the Athabasca River to spill its banks.
 
Canada’s Deputy Prime Minister, Chrystia Freeland, said the federal government was looking “very urgently” at ways to help the area.
“The fact that flooding season and in due course, forest fire season, is coinciding with coronavirus in Canada is posing some special challenges,” Freeland said Monday in Ottawa.
 
The area, like most of Canada, is subject to restrictions on movement and most businesses are closed.
 
Wood Buffalo Mayor Don Scott described the situation as a “crisis” on social media, and he has asked for military help.
 
Alberta expected some crossover of the pandemic with floods and fires, and it and will ensure that evacuation centers reflect heightened standards for physical distancing and sanitation, said the province’s chief medical officer of health, Dr. Deena Hinshaw.
 
Wood Buffalo’s food bank flooded and was forced to close, it said on Twitter. Many food banks have seen a spike in demand during the pandemic.
 
Coronavirus infections in Alberta have risen in recent days, due mainly to outbreaks further south. Alberta Health Services’ north zone, including Wood Buffalo, had 196 confirmed cases and 14 deaths as of Monday, according to the provincial ministry.
 
Karim Zariffa, executive director of the Oil Sands Community Alliance, whose members include oil-producing companies, said he was not aware of any flooding on their sites.
 
Some oil sands companies have deployed emergency personnel to help pump water out of flooded areas, he said.
 
Oil sands sites are running with fewer workers due to the pandemic, and many are reducing production amid low prices.
 
The region was forced to shut some sites in 2016 due to wildfires.
 
Article via EnergyNow.
Category: Product
Posted: Tue, Apr 28th 2020 at 8:32 AM
MFE EBT Screener identifies elevated body temperatures at business entrances
 
Dripping Springs, TEXAS - MFE Enterprises, Inc. is proud to announce the production of new equipment to perform mass thermal screenings for elevated body temperatures in high-traffic, public places.
 
“We’re ready to help get people back to work,” Dylan Duke, Vice President of MFE Enterprises, Inc. said. “This equipment is a hands-free solution for businesses to help prevent the spread of viruses by identifying anyone with fever before they enter a location.”
 
The MFE EBT Screener is a portable infrared temperature screening system. It conducts a facial scan with the tear ducts as the point of interest for the most accurate representation of internal body temperature. An alarm will notify the operator when a person’s temperature is above the set threshold.
 
No thermal cameras can detect or diagnose the coronavirus or other illnesses. MFE EBT Screeners provide quick individual screenings of body temperature as the first step to identifying individuals who may need to be further screened with virus-specific diagnostic tests. The screener comes equipped with a complete thermal analysis software suite with powerful built-in measurement and analysis functions to provide the most accurate result.

 
MFE EBT Screener is available for purchase through MFE Enterprises and its sister company MFE Rentals. For more information call (844) 867-3686 or visit www.mfethermal.com.
 
About MFE Enterprises
Founded in 1994, MFE Enterprises, Inc. is the world’s leading manufacturer in nondestructive testing (NDT) and remote visual inspection (RVI) equipment for storage tank and pipeline inspection. In 2009, MFE Enterprises announced the formation of its sister company MFE Rentals, which serves a variety of industries with NDT, RVI, UVA and environmental inspection equipment through its 13 locations across the United States, Canada, Mexico, and Middle East.

 
If you would like more information, please contact Sharon Reynolds at sreynolds@mferentals.com.
 
Category: Industry
Posted: Mon, Apr 27th 2020 at 8:18 AM
Oilfield services companies in Alberta will be able to apply through an online portal starting May 1 for $1 billion in grants under the oilfield rehabilitation program announced by the federal government last week.
 
Alberta Energy Minister Sonya Savage says the grant money will be doled out by her department in $100-million increments with an initial focus on service companies that have been most impacted by the current economic downturn.
 
She says the grants will cover between 25 and 100 per cent of project costs depending on the ability of the oil and gas company responsible for the site to help pay for cleanup, and will be paid directly to the oilfield service company completing the work.
 
Savage says about 5,300 jobs are expected to be created in Alberta, adding the government expects some of those jobs will begin during May.
The first $100 million is to be available for eligible work anywhere in the province with a cap of up to $30,000 per application. A second increment will focus on sites where the government is covering lease payments to landowners because the oil and gas company can’t or won’t meet its obligations.
The federal government announced a total of $1.7 billion to clean up wells in Alberta, Saskatchewan and British Columbia, as well as $750 million in loans to help cut methane emissions.
 
Category: Industry
Posted: Thu, Apr 16th 2020 at 8:11 AM
The world-wide coronavirus pandemic that’s caused oil demand to plummet has turned the Canadian oil patch’s biggest problem on its head. Rather than having too few oil pipelines, the province now has too many.The collapse in oil demand caused by people staying home has reduced U.S. demand for Canadian crude, leaving pipelines struggling to stay full. After more than a year of rationing space, Enbridge Inc. announced it had additional space on its Mainline pipeline system for both heavy and light crude in April. TC Energy Corp. also issued a call for crude on its Keystone pipeline running from Alberta to the U.S. Midwest.

At the same time, the lack of a price difference for crude from Canada makes it unprofitable to ship the country’s crude down pipelines to the U.S. Midwest and Gulf Coast. Heavy Western Canadian Select oil is trading at a $14.75 discount to West Texas Intermediate crude in Hardisty, Alberta. That’s compared with about $14.90 a barrel in Cushing, Oklahoma, as of Monday ,according to NE2 Group data.

The situation is a significant change from just a month or two ago when Canadian producers were struggling to get their oil to U.S. refineries as new pipelines, including the Trans Mountain expansion to the Pacific and Enbridge Line 3, met repeated delays. The situation grew so severe in late 2018 that the Alberta government imposed production curtailments that remain in place.


Article via EnergyNow.

Category: CINDE
Posted: Mon, Apr 6th 2020 at 9:36 AM
Our Radiation Safety and CEDO Preparation course is now available as on-line training.  Full details can be found here.
 
For all on-line courses, if prerequisites are stopping you from registering, please email info@cinde.ca to discuss this situation.
Category: Industry
Posted: Wed, Apr 1st 2020 at 8:01 AM

With the ongoing COVID-19 situation, the NRCan NDTCB is working to ensure the health and safety of the public and our team members in accordance with all public safety guidelines. We are closely monitoring the situation and will adjust our business practices and client services rapidly as required. We remain at the ready to assist you as best as we can throughout this situation. We will keep you updated on any developments.

At this time, certification processing and services are likely to be disrupted, delayed, and/or postponed.

Temporary accommodations and extensions relating to initial certifications and renewals/recertifications will be provided for select candidates. Currently, the accommodations are:

  • A 6-month extension for NDT renewal and recertification candidates who have certifications that expire from April 15, 2020 to September 15, 2020. This 6-month extension is applied to the current expiry date listed on your certification ID card, and the Directory of Certified Personnel.
  • A 6 month extension for NDT initial certification candidates who have examinations in process that expire(d) after March 15, 2020. This 6-month extension is applied to the current expiry date(s) listed on your most recent examination results letter.
  • A 6-month extension for XRF renewal and recertification candidates who have certifications that expire from March 16, 2020 to September 15, 2020. This 6-month extension is applied to the current expiry date listed on your certification ID card, and the Directory of Certified Personnel.
  • A 6-month extension for EDO photo ID cards that expire from March 16, 2020 to September 15, 2020. This 6-month extension is applied to the current expiry date listed on your EDO

The appropriate extension accommodations will be applied automatically (no need for candidate to submit a request) without re-issuance of the corresponding paperwork or documents. As conditions evolve, we will adjust services accordingly—temporary accommodations and extensions may be amended or applied as required. Please check our website regularly for further updates on this rapidly evolving situation. For more details, please contact our office.

Contacting and communicating with the NDTCB:

At this time, we strongly advise that clients and certificate holders refrain from mailing, shipping or faxing certification-related documents and communications; we will be maintaining communication services via email and telephone. We will also not be providing in-person client services at our local office at this time. We encourage clients to provide the NRCan NDTCB with your most up-to-date personal email address and telephone number to avoid interruptions in communication.

For all telephone inquiries, please call our main telephone line: 1-866-858-0473
(Note: other NDTCB telephone lines may not be monitored at this time.)

For email inquiries, send your emails to our main inboxes listed below:
NRCan NDTCB main inbox: ndt@nrcan.gc.ca
NRCan renewal and recertification: nrcan.ndtrecert@canada.ca
EDO written examination: nrcan.cedo-oaea.rncan@canada.ca
(Note: other NDTCB email inboxes may not be monitored at this time.)

The health and safety for the public is a priority for the NDTCB—we appreciate your understanding and support.
 
Category: CINDE
Posted: Tue, Mar 31st 2020 at 8:22 AM

A Message from CINDE CEO Glenn Tubrett

The health and safety of our staff, customers, and the communities that we work with is our highest priority.  CINDE continues to monitor and respond to the advice and guidance of government and public health officials and as such all face to face services are canceled until April 13, 2020 and we will adjust that date as the situation unfolds.
All staff members are still available to assist you at this time and we offer a variety of online courses if you want to work on your skills and education during this unprecedented period.

CINDE will continue to be flexible to respond to industry needs.  Whether there is something we can do to virtually help you today or making sure resources are directed to the highest priority areas as our society and economy begin to return to normal, we are here to help.
 
If you have any questions, please contact us.
Category: CINDE
Posted: Thu, Mar 26th 2020 at 1:16 PM
Resulting from the mandatory business closure announcement on March 23, 2020 from Ontario Premier Doug Ford, CINDE is currently closed.  Emails and phone calls are being returned during this time and online training is still available.
 
This closure includes all workshops, exams, and courses until April 13th in both Alberta and Ontario locations.

We are contacting all course students as well as workshop and exam candidates via their contact information within their CINDE Account area. We will provide further information on the status of further courses on April 13th.
 
If you have any questions, please contact us.
Category: Product
Posted: Wed, Mar 25th 2020 at 12:34 PM
Sensor Networks Inc (SNI) introduces a new High-Definition (HDTV) version of its field-hardened, rugged, waterproof and reliable Pan-Tilt-Zoom industrial video inspection camera system. The new HD-PTZx is available in two interchangeable PTZ heads: A 3.5 inch dia. with 10x optical zoom and a 4.3 inch dia. with 30x optical zoom.
 
Features include:
• Variable-speed, 360-degree continuous rotation
• Submersible to 100'
• Integral and optional auxiliary LED lamps
• Corrosion-resistant nickel-plated aluminum with stainless steel
• Full-HD camera with sensitivity control for reflective surfaces
• 30x or 10x optical zoom lens
• Variable-speed 270-degree tilt
 
With cable lengths up to 500 feet, and available with a small CCU or an integral cable reel CCU, HD-PTZx also features 1080P video resolution or ~ 6 times that of conventional CCTV video. Improved image resolution also enables useful digital zooming. The system has bright, long-life LED illumination for crisp, clear, color images for man-less entry and inspection of industrial components such as:
• Aircraft engine assembly and test cells
• Large-diameter pipes, tanks & vessels
• Nuclear reactor vessel, nozzles, and internals
• Nuclear fuel, spent-fuel pools, refueling operations
• Steam generator primary- and secondary-side inspections
• Plastic-, glass-, refractory-lined and stainless-clad vessels
• Catalyst vessels and tray towers

For more information, contact Non-Destructive Testing (NDT) Products Limited at sales@ndtproducts.ca and 1-833-202-4504.
Category: CINDE
Posted: Tue, Mar 24th 2020 at 2:06 PM
Resulting from the mandatory business closure announcement on March 23, 2020 from Ontario Premier Doug Ford, CINDE will be closing.  This includes all workshops, exams, and courses until April 6 in Alberta and Ontario.
 
Emails and phone calls are being returned during this time and online training is still available.

We are contacting all course students as well as workshop and exam candidates via their contact information within their CINDE Account area. We will provide further information on the status of further courses on April 6.
 
If you have any questions, please contact us.
Category: Industry
Posted: Thu, Mar 19th 2020 at 9:00 AM
With the ongoing COVID-19 situation, the NRCan NDTCB is working to ensure the health and safety of the public and our team members in accordance with all public safety guidelines. We are closely monitoring the situation and will adjust our business practices and client services rapidly as required. We remain at the ready to assist you as best as we can throughout this situation. We will keep you updated on any developments.
 
At this time, certification processing and services are likely to be disrupted, delayed, and/or postponed. Temporary accommodations and extensions relating to initial certifications and renewals/recertifications may be provided as required. Please check our website regularly for further updates on this rapidly evolving situation.
 
Contacting and communicating with the NDTCB:
At this time, we strongly advise that clients and certificate holders refrain from mailing, shipping or faxing certification-related documents and communications; we will be maintaining communication services via email and telephone. We will also not be providing in-person client services at our local office at this time.
 
For all telephone inquiries, please call our main telephone line: 1-866-858-0473 (Note: other NDTCB telephone lines may not be monitored at this time.)
 
For email inquiries, send your emails to our main inboxes listed below:
 
NRCan NDTCB main inbox: ndt@nrcan.gc.ca
 
NRCan renewal and recertification: nrcan.ndtrecert@canada.ca
 
EDO written examination: nrcan.cedo-oaea.rncan@canada.ca (Note: other NDTCB email inboxes may not be monitored at this time.)
 
The health and safety for the public is a priority for the NDTCB—we appreciate your understanding and support. Please let us know if you have any questions.
Category: CINDE
Posted: Tue, Mar 17th 2020 at 11:37 AM
CINDE is closely monitoring the novel COVID-19 global pandemic. CINDE has made the decision to suspend all in-person training courses, workshops, and exams at the Hamilton, ON facility until April 5, 2020 at the earliest. We are exploring alternate delivery methods to continue providing NDT training to the industry. Emails and phone calls are being returned during this time and online training is still available.
If you have a course, workshop, or exam scheduled during this time, CINDE staff will be in contact with you.
We will provide further information as it becomes available.
 
If you have any questions, please contact us.
Category: CINDE
Posted: Fri, Mar 13th 2020 at 1:53 PM
We have been closely monitoring the novel COVID-19 virus situation. CINDE has been taking extra steps to sanitize surfaces and ensure clean environments for all those who come to CINDE and are taking additional precautions recommended by Health Canada. 
 
Due to the high volume of people on campus, the Mohawk College administration has closed the College campus. As CINDE is on campus, it will also be closed during this time.
 
CINDE is making alternate arrangements to ensure that students are not heavily affected through industry course and exam cancellations. We will be in direct contact with all immediately affected. All Mohawk College full-time Quality Engineering Technology Courses have moved to an online format during this time – steps forward will be provided via email to Mohawk College students.
 
We will continue to evaluate the situation on a weekly basis as necessary.
 
Please visit CINDE News for updates.
Category: CINDE
Posted: Fri, Mar 13th 2020 at 11:17 AM
CINDE values the health of our members, staff, and industry professionals all over the world. We have been closely monitoring the COVID-19 virus situation and have made the decision to postpone the NDT in Canada 2020 Conference.  Many of our conference participants have cited employer restrictions on their travel that would not allow them to attend our national event.  As a result, we would not be able to offer the high quality program that CINDE is known for.
 
The conference will be postponed until early October. Final dates will be provided via email and on the CINDE conference website shortly.
Category: Industry
Posted: Mon, Mar 9th 2020 at 1:08 PM
Eddyfi/NDT, through a strategic partnership with Novacap and Caisse de dépôt et placement du Québec ("CDPQ"), announced today the acquisition of NDT Global. Headquartered in Dublin, Ireland, and with main operations in Stutensee, Germany, NDT Global is a premium ultrasonic pipeline inline inspection ("ILI") and data analysis supplier for onshore and offshore pipelines worldwide. It delivers a full range of services including geometry and deformation inspection, metal loss and crack inspection, defect assessment and fitness for purpose investigations around the world.   

The combination of Eddyfi Technologies and NDT Global is an innovative and private Test & Measurement ("T&M") technology group focused on Non-Destructive Testing ("NDT"). Eddyfi/NDT will now have 1,000+ employees working in 20 global offices and serving customers in 110 countries. It is composed of high-end technology business units operating in two different segments: NDT Equipment and Application-Specific Integrated Inspections. The global headquarters are located in the advanced NDT hub of Québec city.

Martin Theriault, CEO of Eddyfi/NDT, says: "We have spent the past 10 years developing, acquiring and perfecting the most advanced NDT modalities in the world. At every level of technology, pushing the limits of NDT to new heights has allowed us to solve critical problems and deliver superior, information-rich data for the benefits of our clients. However, selling inspection instrumentation & technology alone in certain very niche and specialized sub-verticals, such as ILI inspection, simply does not work. We are therefore excited to join forces with NDT Global and work with them and their clients to take ILI NDT to the next level."

This merger successfully joins two leaders in their respective markets: Eddyfi Technologies as a provider of the highest performance NDT inspection technologies and NDT Global as an advanced ultrasonic ILI and integrity services provider. Global pipeline operators have come to rely on NDT Global for the most accurate assessment of the condition of their pipeline assets. Coupled with the additional expertise in non-destructive testing techniques and technology of Eddyfi Technologies, NDT Global will deliver increased accuracy and enhanced information to assure the safe operation of pipelines.     

Richard Matthews, President and CEO of NDT Global, comments, "Joining with Eddyfi/NDT offers a tremendous opportunity to leverage our respective technologies to develop even better solutions. At NDT Global we want to continue our trend of being a technology disruptor whilst delivering new and never seen before solutions to our customers through out of the box thinking, creativity and collaboration – we believe Eddyfi/NDT will help us materialize this vision."

Furthermore, to complete this acquisition, Eddyfi/NDT confirmed a new round of equity financing with Montreal-based Novacap, making its first investment in the company with CA$ 163 million, and CDPQ, making an additional investment of CA$ 107 million. The new equity investment is combined with new debt financing provided by a banking syndicate led by National Bank of Canada and additional debt from Investissement Quebec ("IQ"). Over CA$ 600 million was raised to complete the NDT Global acquisition as well as pursue other strategic opportunities.

CDPQ made its initial investment in Eddyfi in March 2017. Since then, it has helped the company complete four additional acquisitions in Europe and North America, as well as diversify across technologies and geographies. In addition, CDPQ has supported the development of a new strategic plan to deliver substantial growth while also building an industrial technology business at the forefront of its sector. "Québec SME expansion and globalization is a key aspect of our strategy, and our support for Eddyfi over the years reflects that. Since our first investment, the company has experienced tremendous and sustained growth, becoming one of the largest private companies in the Greater Québec City area today," said Charles Émond, President and Chief Executive Officer of CDPQ.

Novacap played a critical role in this transformative and complex acquisition. "The merger is highly strategic and represents a unique, complementary combination of a service provider and equipment manufacturer at the technological forefront of the non-destructive testing market. Asset aging, coupled with heightened public concern about environmental protection, has given rise to increasingly stringent pipeline integrity management programs. Operators understand the complexities of asset aging as well as the importance of public opinion, and they rely on NDT Global to continuously set new standards in pipeline inspection to address these issues. We are highly confident that NDT Global, under the Eddyfi/NDT group, will deliver superior inspection technology and value-added services to operators globally," said David Lewin, Senior Partner at Novacap (TMT). 

Finally, Pascal Tremblay, Novacap's President & CEO, added: "I would like to thank our new business partners, Martin Theriault, Louis-Georges Gauvin (CFO), and their teams for being the driving force behind this acquisition. I would also like to thank CDPQ who played a critical role in the execution of this complex transaction, as well as our highly supportive limited partners who co-invested with us to make this deal possible. I am very happy to say that Eddyfi/NDT is the largest platform investment in Novacap's history. We are proud to be a partner of the Eddyfi/NDT team, a Quebec-based leader in a global industry of this scale."

Baird acted as an exclusive financial advisor to Eddyfi/NDT in the transaction. McCarthy Tétrault acted as lead legal advisor to Eddyfi/NDT.

Via PRNewswire

Category: Industry
Posted: Mon, Mar 9th 2020 at 12:53 PM

As of early Monday, Suncor had lost more than 25 per cent of its value and Cenovus was down by almost half.

Oil prices dropped dramatically on Monday with North American stock markets briefly halted shortly after opening — and Canadian energy companies were sold off, hard. As of early Monday, Suncor had lost more than 25 per cent of its value and Cenovus was down by almost half. North American stock markets were halted shortly after opening on Monday morning as circuit breakers designed to slow down panic selling kicked in within minutes. The NYSE, Nasdaq and TSX all hit what's known as a level 1 trading halt within minutes of opening. Such a halt automatically suspends all trading on the market for 15 minutes when there's been a decline of more than seven per cent. A level 2 halt automatically kicks in after a decline of 13 per cent, for another 15 minutes. If the decline hits 20 per cent, a level 3 halt shuts down trading for the rest of the day. The TSX lost more than 1,400 points, or eight per cent, within minutes of opening, so the Canadian index's circuit breaker was triggered. That's the worst day for the TSX since the financial crisis. The trading halts were lifted 15 minutes after being implemented and the selling continued both in the U.S. and Canada — although not by enough to implement a level 2 halt, so far.

Crude price dropped more than 25%

The panic started on Sunday evening after Saudi Arabia kicked off an all-out price war in the oil market, announcing it would be removing any production caps. That move sent the price of crude tumbling more than 25 per cent, and came on top of existing fears over the coronavirus currently spreading around the world. West Texas Intermediate crude fell $11.80 US to $29.48 and international benchmark Brent fell $12 to $33.20.
By Monday morning, Western Canadian Select had plummeted to $22.33 US per barrel.  It was the largest single-day drop since the beginning of the Gulf War in 1991. Prices are falling as Saudi Arabia, Russia and other oil-producing countries argue about how much to cut production in order to prop up prices. Demand for energy is falling as people cut back on travel around the world. The worry is that the coronavirus outbreak will slow economies sharply, meaning even less demand. OPEC and key ally Russia failed to agree Friday on a cut to oil production that would have contained the plunge, and on Saturday, Saudi Arabia's state oil giant Aramco slashed export prices.

"We're seeing the outcome of a one-two punch in terms of a demand shock from the coronavirus … and on top of that this weekend's news of a price war started after the breakdown of OPEC plus Russia arrangements," said Blake Shaffer, an assistant professor of economics and public policy at University of Calgary.

Shaffer said the demand-side drop was expected but the more recent development of a price war is a supply-side issue that's hammering the market.

A 'nuclear-sized event' for Alberta

The oil market has seen arguments like this before. In 2014, OPEC held off production cuts in order to hold onto market share in the face of a resurgent U.S. oil industry. That led oil to tumble from over $100 US a barrel to below $40 by 2015.

But experts say this drop is much more dramatic. "This is a really big move. I was an energy trader for 15 years. I don't have all the daily moves in my head, but this would definitely be one of the biggest ones I've seen," Shaffer said. Martin Pelletier, a portfolio manager with Trivest Wealth Council in Calgary, said this is a "nuclear-sized event" for an already-hurting Alberta, and if not contained, the economic malaise could spread to the rest of the country. "This could be the knock-out punch for Alberta, unfortunately," Pelletier said, adding that some companies might not survive the hit. "We're going to really need to see some leadership coming out of Ottawa, and I mean both the Bank of Canada and [Prime Minister Justin] Trudeau and the government … This is a crisis; this is a very serious event."

Pelletier said he'd like to see both a large fiscal spending program tailored to impacted provinces and an emergency rate cut.

The Alberta government's recent spring budget forecasts WTI will average $58 US a barrel in the coming year, and Shaffer said this is bad news both for the economy as a whole and for the province's royalty revenues. "Roughly every dollar [per barrel] is about $350 million to the government … We're talking about a $7 billion decline in revenue expectations," he said, adding that about $2 billion is made up from the improved differential and the Canadian dollar, so the net hit would be about $5 billion. Some experts are predicting even lower numbers could be on the way. Ali Khedery, a former Exxon adviser and now CEO of strategy firm Dragoman Ventures, tweeted "$20 oil in 2020 is coming" after news broke of Saudi Arabia's plans to hike production. Shaffer said seeing such a wide difference in price forecasts after the province's budget dropped just weeks ago makes a strong case for the government to change how royalty revenues are budgeted and push for further economic diversification. "If this is prolonged, you'll see continued job layoffs and effects on families. One of the really important things I'll stress is having an economy that isn't dependent on the outcome of a price war between the Saudis and the Russians … I hope it's yet another wake-up call in terms of the efforts to diversify our economy," he said.

 

Article via CBC.

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