How $20 oil would affect Canada

More forecasts are calling for the price of oil to dip close to $20, and this will be a problem for Canada, reports Maclean’s.

At first, Maclean’s notes, the oil shock “was expected to be focused mostly on energy-producing provinces.” But now, “there are now very real signs the pain is spreading to other regions.”

Then, “Last week, Bank of Canada governor Stephen Poloz reminded the country of the hit we’re collectively taking: the drop in oil has delivered a $50-billion cut to Canada’s national income, equal to $1,500 per year for each man, woman and child.”

Click here to read more on the effects of lower oil.

Also read:

Alberta’s trouble’s to worsen in first half of 2016

4 ways cheap oil helps emerging markets

Natural gas storage reaches five-year high

Poor oil outlook may slow economy

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.