- Category: Economic
- Published Friday, December 18, 2015
- CTV News
CALGARY - The price of oil -- and its far-reaching impact on the Canadian economy -- has once again been voted The Canadian Press Business Story of the Year.
Editors and news directors across the country chose the crude collapse in a landslide with 24 votes -- the second year in a row that story got top billing in the annual survey.
A distant second with seven votes was ride-sharing service Uber's aggressive foray into Canada.
After hitting a high near US$108 a barrel in mid-2014, U.S. benchmark crude is now languishing below US$40 a barrel.
It spent much of 2015 under US$50 a barrel -- a price that makes it tough to justify investing in new oilsands projects.
The result has been the loss of at least 40,000 Canadian industry jobs this year, huge revenue shortfalls in oil-producing provinces and a sharp drop in the Loonie.