can provide you with information or summaries of recent economic events if you'd like. Please specify the events or topics you're interested in, and I'll do my best to provide you with relevant information.
can provide you with information or summaries of recent economic events if you'd like. Please specify the events or topics you're interested in, and I'll do my best to provide you with relevant information.
can provide you with information or summaries of recent economic events if you'd like. Please specify the events or topics you're interested in, and I'll do my best to provide you with relevant information.
proposed oil pipeline in Canada. It would deliver oil from Western to Eastern Canada, from receipt points in Alberta and Saskatchewan to refineries and port terminals in Quebec and New Brunswick. A lot of the pipeline already exists (about 70%) but would need to be converted from natural gas to oil. Energy East Pipeline Debate
The $12B pipeline proposal would
be the longest in North America when complete. This project would create 2000 jobs in New Brunswick, which has 11% unemployment (2015). Energy East Pipeline Debate
A recent tragedy in Lac Megantic,
Quebec has caused some Canadians to see pipelines as a safer mode of oil transportation than train transportation. On July 6, 2013, a freight train carrying crude oil derailed, resulting in a fire and explosion. Dozens of people were confirmed dead and the town's centre was destroyed. Energy East Pipeline Debate
Many Canadians oppose the
pipeline, especially in Quebec and Ontario, however, and want the impact of the project on greenhouses gases examined. Energy East Pipeline Debate
The Council of Canadians, a social
action organization, argues that there are many risks to the pipeline project such as pipeline spills, a reckless expansion of the tar sands, increased fracking, violating Indigenous rights, and climate change. Investigate the corporate view on the pipeline proposal. Fracking Moratorium Both New Brunswick and Nova Scotia have been struggling economically in recent years. In 2015, New Brunswick tabled a budget that projected a deficit of $476.8 million. Likewise, Nova Scotia is facing a bleak economic forecast. Fracking Moratorium The government tabled its 2015 budget, forecasting a $98-million deficit. Both provinces were in the news in early 2015 for placing a fracking moratorium in place. Fracking blasts pressurized water and chemicals into underlying rocks to release trapped natural gas and oil. An enormous amount of water is required. A number of companies are currently exploring for shale gas in both provinces and use fracking in the process. Fracking Moratorium Sheri Somerville, a natural gas adviser with the Canadian Association of Petroleum Producers, said, “This could certainly have a detrimental impact on future investment and industry progress for the province.” she said. “It might result in a missed opportunity.” Investment in energy in the two provinces could provide some much needed employment. Fracking Moratorium The Premier of New Brunswick has stipulated, however, that the moratorium will continue until five conditions are met, including a First Nations consultation process, credible information about the impacts of fracking on water, health, and the environment, and a wastewater disposal plan. Examine both sides of this issue Decline of the Fishing Industry
The fishing industry in
Newfoundland and Labrador has been in decline for over 20 years. In 2015, the industry is geared for crab and shrimp. But while shellfish are major contributors to the fishery now, those stocks appear in serious decline. Decline of the Fishing Industry
This is not the first time decline in
fish stock has been an issue for Newfoundland and Labrador. By the early 1990s, after decades of sustained intensive fishing from Canadian and international fleets, the northern cod stocks collapsed. The spawning biomass of northern cod had dropped by about 93 per cent in only 30 years – from 1.6 million tonnes in 1962 to between 72,000 and 110,000 tonnes in 1992. Decline of the Fishing Industry
The government of Canada shut
the cod industry down indefinitely in July 1992. This is known as the cod moratorium. As a result, it has been more than two decades since there has been any significant hiring going on in fishing communities. Decline of the Fishing Industry
The overall result is that young
people have left our coastal communities in droves for work elsewhere. They have mostly left to work in the booming oil fields of Alberta. Newfoundland's population has dwindled and many residents are older and in need of health care and services, which puts a strain on the province's budget. Learn about Newfoundland's economic and cultu ral struggle since the cod moratoriu m Decline of the Manufacturing Industry • Automation, globalization, exchange rates, and low productivity have contributed to the decline in manufacturing employment in Ontario. The number of manufacturing jobs in Ontario has dropped from 1.1 million in 2004 to 745,000 in 2014. Decline of the Manufacturing Industry • As a result, Ontario has become a ‘have-not' province, replaced by Western Canada as the economic engine of the country. This is not a unique problem as it affects manufacturing around the world. Automation means that factories today use more robots and fewer workers. The rising Canadian dollar over the last few years and the 2008 recession that hit the U.S. hard also contributed to the decline. Factories have also left wealthy countries to relocate to countries with lower labour costs. Many manufacturing firms have gone out of business. Decline of the Manufacturing Industry • This has caused a rise in unemployment in Ontario. To compound the problem, displaced manufacturing workers have taken jobs in the service industry, where wages and job security are much more precarious. However, recently the American economy is improving and the Canadian dollar has dropped meaning that new opportunities for re-investment in Ontario are possible. Decline of the Manufacturing Industry The Mowat Centre, a public policy think tank, argues that the government needs to make some major changes to bring back manufacturing such as lower corporate income tax, diversify export markets, ease traffic congestion, and train/educate workers. This Globe and Mail article presents a comprehensive overview of the decline in the manufacturing industry as well as a photo essay of Ontario's cities who have been most affected. Softwood Lumber Dispute The Canada–United States softwood lumber dispute is ongoing between the two nations. British Columbia, the major Canadian exporter of softwood lumber to the USA, is most affected. Between 2004 and 2009, it reported losses of 9,494 direct and indirect jobs. Softwood Lumber Dispute The dispute is over the American claim that the Canadian lumber industry is unfairly subsidized by federal and provincial governments, as most timber in Canada is owned by the provincial governments. The prices charged to harvest the timber are set by the government, rather than through the free market as is done in the U.S. The United States claims this is unfair and a duty tariff should be placed on Canadian lumber coming into the U.S, bringing the price back up to market rates. The softwood lumber industry is vital to Canada. Softwood Lumber Dispute It employs hundreds of thousands of Canadians, both directly and indirectly. In 2006, an agreement was reached to end the dispute with the U.S. dropping its duty tariff and Canada agreeing to impose a tax on lumber being exported to America. The provincial governments were encouraged to change their pricing systems. The Softwood Lumber Agreement is set to expire in October 2015. The U.S. has made it clear it does not want to renew the agreement. Read about the history of the dispute and concern over the agreement's expiration.