Declining Oil Slump At its Worst Since 1986

Declining oil prices may mean lower prices at the pump, but the overall benefits are not directly handed down to the consumer.

The plummeting oil prices have been on the decline since June of 2014, but unfortunately, the pinch of West Central Saskatchewan is not felt at the pump, but in the pockets of the people who rely on jobs from the oil
industry.

Greg Poelzer, Executive Chair for the International Centre for Northern Governance and Development has claimed the job sector tied to Saskatchewan has begun to plummet with no foreseeable end in sight.

Less jobs means less money to spend.

It is natural in a time of economic weakness for costs to rise while in the midst of a weaker economy -including the cost of transportation.

And with rising costs, it is ironic that the low cost of gas at the pumps are sure to come at a higher price.

Rising transportation costs directly connected to oil and crude are growing greater and in-turn causing costs of commodity goods to rise.

Poelzer says the industry hasn't hit a slump as deep as the 2015 year since 1986.