A sticky ending for the tar sands
Slumping oil demand has already caused thousands of job losses across Alberta. The heydays of oil boom is slowly eroding into coldness matching the chill of snowy windchill. The Economist surmises the brief history of tar sands, its spectacular rise and seemingly similar astonishing fall in coming days unless a real "miracle" turns the world economy back to its agonized feet:
"Extracting oil from the sands took off in the late 1990s, boosted by technological advances that greatly reduced costs. Sitting on the equivalent of 173 billion barrels of crude, the provincial government dreamed of making Alberta a new Saudi Arabia (with moose instead of camels). Although some, such as Peter Lougheed, a former premier, called for “orderly” development, a wild rush ensued, causing provincewide labour shortages. Even servers at fast-food restaurants had to be lured with an iPod or other inducements. Now, though, employment is slumping: Steve Vetter, a manager at a firm that services the gas industry, says it recently had 50 applicants for one job; two years ago it would have been lucky to get any."Two years from now, economy may change back again into full robust gear. Is this possible? Indeed, it is.