News from the CARE initiative
As part of Oil and Gas Week NL, Dr. Wade Locke gave on Thursday February 26, 2015 the luncheon presentation herehere. Dr. Locke believes that:
(1) The recent oil price drop is driven by primarily shale production.
(2) Price will recover as demand recovers and that has started already.
(3) The slowdown in Alberta will have a dramatic and substantial impact on NL through reduced demand for labour.
(4) Things are getting better and we should not let short-term problems dictate long-term actions.
(5) Prices should to be back in the $100/bbl within the next three years.
(6) While we should be concerned, we should not be overly paranoid. The world is not falling apart and the future looks bright for NL.
Dr. Locke's full presentation can be found here.