Baker Hughes says it will cut seven thousand jobs. Halliburton, which just bought Baker Hughes, says it will reduce its workforce by a similar number. The Conference Board of Canada says the shock of tumbling oil prices will cut federal revenues by $4.3 billion this year, and oil producing regions such as Alberta, will see a much bigger hit.
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“Alberta of course is more than three quarters of Canada’s energy sector so it’s clear that the brunt of it is going to be felt in Alberta,” says Louis Theriault with the Conference Board of Canada.
A new Conference Board report says the drop in oil investments is expected to have a trickle-down effect, causing a slowdown in construction, drilling employment, and consumption.
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