Safe Mode: On
New paper analyzes oilsands/loonie relationship

OTTAWA — A new paper on the impact the strong dollar has had on
Canada's economy puts into sharp focus why Ontario Premier Dalton
McGuinty is not the oilsands' best friend.

The analysis by Bank of Montreal economist Douglas Porter traces the
10-year climb of the loonie from about 62 cents in 2002 to its current
level above par with the U.S. currency.

Porter says a main trigger for the loonie's surge has been wealth flooding into Canada from exports of commodities such as oil.



And that, he says, triggered a 22 per cent contraction in the
manufacturing sector, with many of 500,000 lost jobs being shed in
Ontario.

Porter notes that while the resource sector is creating jobs, it
can't come close to compensating for the job losses in the much larger
manufacturing sector.

The Canadian Manufacturers and Exporters also blames the high dollar
for continuing difficulties in the sector, but it sees weak U.S. demand
as being even more significant.

Canada is also facing increased competition from manufacturing powerhouses like China, India, Korea and Brazil.








http://edmonton.ctv.ca/servlet/an/local/CTVNews/20120302/oilsands-loonie-relationship-120302/20120302/?hub=EdmontonHome


Added: Mar-2-2012 Occurred On: Mar-2-2012
By: Hiarken
In:
Regional News
Tags: oil, politics, urine gargling, retards
Location: Canada (load item map)
Views: 1021 | Comments: 22 | Votes: 1 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
You need to be registered in order to add comments! Register HERE
'
Sort by: Newest first | Oldest first | Highest score first
Liveleak opposes racial slurs - if you do spot comments that fall into this category, please report them for us to review.
  • I don't have much of a problem with the oil sands aside from the environmental problems it causes directly and indirectly. I don't think we should be exporting it, makes no sense to import oil from other countries for more cost when we can at least offset that with domestic product.

    Also fuck McGuinty.

    Posted Mar-2-2012 By 

    (5) | Report

  • i love the oil sands... i hope mcguinty and his family die in a car fire. all you hippie enviro fags can go suck a saudis dick.

    Posted Mar-2-2012 By 

    (4) | Report

  • I'm getting old & my memory sometimes fails me.

    But isn't McGuinty the douchnozzle that mandated we have to use available windpower electricity(at triple the cost), but since we had a surplus of conventionally produced electricity, we paid the US to take our low cost surplus electricity?

    Why the fuck would any sane person listen to anything he says?

    Posted Mar-2-2012 By 

    (4) | Report

    • @Ruffus lol!!

      Posted Mar-2-2012 By 

      (1) | Report

    • @Ruffus

      And that is the million dollar question. Ontario used to be referred to as the engine that drives Canada. We were the manufacturing centre.

      While it wasn't all McGuinty's fault, he's done much to kill off the manufacturing sector in Ontario. This province is not business friendly, with way too much redtape, regulation, taxes and artificially high hydro rates.

      The best part is if you look at your hydro bill in Ontario you will notice a charge called "global energy". More..

      Posted Mar-2-2012 By 

      (3) | Report

  • Personally, I think McGuinty should take a place kick to the nuts just for talking out of his ass.

    If Ontario had the tar sands they would exploit it like I exploit my old lady's vagina, balls deep and no apologies.

    It's a resource and McCunty would be running his own media puppet show, whilst cupping their balls and telling the world how wonderful the tar sands are for economic growth.
    That of course instead of saying,"Sorry Ontario....that you have so much unemployment."

    Fuck hi More..

    Posted Mar-2-2012 By 

    (3) | Report

    • @Hiarken

      McGuinty is a known liar. He's ruined what was the richest province in Canada. Ontario has plenty of natural resources, but his high taxes and artificially inflated hydro rates have closed mines, paper mills, lumber mills and manufacturing companies.

      McGuinty knows he's in deep shit. He'll try to pin the mess Ontario's in on anyone he can. Funny thing is that he's mused about this being his last term in provincial politics. He's got his eye on a federal liberal seat. No doubt t More..

      Posted Mar-2-2012 By 

      (2) | Report

    • @Captain Canuck Thanks for your insight.

      Posted Mar-2-2012 By 

      (2) | Report

  • Just another jealous politician seeing that his riding is not doing so hot. Expect to see more of this as Eastern Provinces empty out to go work in Alberta or Sask. It makes the Eastern Premiers look bad. Unemployment soars and their own people are leaving to make a living out West. Suck it, and get used to it. The West is booming in a recession, and they cry foul because they want a piece of the pie.

    Posted Mar-2-2012 By 

    (3) | Report

  • Wow.

    This is BS.

    Posted Mar-2-2012 By 

    (0) | Report

  • Gotta work smarter Ontario

    Posted Mar-2-2012 By 

    (0) | Report

  • Canada should nationalize the oil sands, in my opinion. It would piss people in Alberta off, but it would be good for Canada.

    Posted Mar-2-2012 By 

    (0) | Report

    • @jum_runky Really? Do you live in Alberta?

      Posted Mar-2-2012 By 

      (1) | Report

    • @Hiarken

      Ontario.

      Posted Mar-2-2012 By 

      (0) | Report

    • @jum_runky Well then...No shit you want the fucker Nationalized.

      Posted Mar-2-2012 By 

      (0) | Report

    • @jum_runky We already fucked around with this once before and it fucked Alberta over hard.
      I was there.

      The NEP was introduced in the wake of the energy crises of the 1970s. Because of high oil prices, several economic problems that were beginning to manifest themselves through the 1970s were accelerated and magnified. Inflation was most commonly between 9 and 10 percent annually and prime interest rates over 10 percent.Unemployment was epidemic in the eastern provinces.The NEP was designed to More..

      Posted Mar-2-2012 By 

      (0) | Report

    • @Hiarken

      : "subsidizing all Canadian consumers of fuel."


      Exactly. Nationalizing the oil sands would also generate revenue that could be used to replace some of the tax burden borne by Canadians.

      The NEP was a failure, but that doesn't mean that nationalization is a bad idea. It was just implemented poorly, like a lot of ideas.

      Posted Mar-2-2012 By 

      (0) | Report

  • Will become the worst environmental disaster ever in the Northern Hemisphere. Greed lives even in Canada.

    Posted Mar-2-2012 By 

    (-2) | Report