Wednesday, February 11, 2009

Update: Canadian Energy Export Cliffdiving in Q4

As discussed previously here, Canada's trade surplus is taking a beating as energy prices and demand plummet. By my quick calculations, total energy product exports in Q4 came in at $25.6B vs $35.5B in Q3 - a drop of 28% quarter over quarter. I don't expect this will get much better in Q1 2009.


Phillip Huggan said...

It is an AB "culture of defeat" (lol AB and culture in same sentence).

Too bad they didn't save a Norway level of savings in their kitty (have $40B). Manitoba wouldn't gift $80B in hydro revenue to foreign CEOs blindly hoping they will maintain boom investment levels in bust.

Shock Minus Control said...

You're right Phillip, the failure to sock away cash in a heritage fund so times like this could be smoothed is a pretty substantial failure of the AB government.

(I'm sure they have culture in AB, I just don't know what it is or that it would fit any accepted definition)

Phillip Huggan said...

Well there is hockey, even if you need to wait 2 hours in rush hour traffic on the Saddledome's one road link.
I remember working seven straight $8/hr shifts in steel-toes there and all I wanted was a breakfast buffet. I went through the entire phone book to no avail. Maybe spoiled by Van/Vegas/Wpg/T.O. food (tastes so good in Van)...a Syl's burger is okay but not worth the 45 min anticipation in line.
I wonder what their Heritage Fund is invested in; they just lost $3B. Must not have any gold or any loans to GE Wind or anything else counter-cyclical. It is retarded to block charting one's aquifers when freshwater is economic lifeblood (correlates 96% with GDP while oil is in the low 80s%). Cgy has healthcare and aerospace hubs but not nearly the diversification T.O. has achieved at similiar $$.
I've read the AB government is the most corrupt in the land, which sucks. You'd want PEI to be least porky. I think the culture is maybe Wall Street pre-crash and without drugs. No evidence of CCF roots that offer a helping hand in cyclical downtime in the people or the Heritage Fund invetment strategy...