Collapsing oil prices voted CP's 'Business Story of the Year'

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.

See Full Article

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.



Advertisements

Latest Economic News

  • Ontario threatens its own protectionism in fight against Texas Buy American bill

    Economic CTV News
    TORONTO - Ontario has hired lobbyists in Texas and is threatening protectionist measures of its own as it tries to convince state officials not to pass a Buy American bill. Premier Kathleen Wynne claimed victory last month after a successful Ontario push to stop similar provisions in New York state. Source
  • Alberta Energy Regulator to reconsider Suncor tailings plan it rejected

    Economic CTV News
    CALGARY -- Alberta's energy watchdog has agreed to reconsider its rejection of a plan by oilsands giant Suncor to clean up its tailings ponds. The Alberta Energy Regulator denied the Calgary-based company's applications in March, saying they did not satisfy requirements and a new proposal was needed. Source
  • Bank CEOs say Home Capital issues not widespread

    Economic CTV News
    TORONTO -- The CEOs of two of Canada's biggest banks say liquidity troubles at mortgage lender Home Capital are not indicative of a broader problem, but they are monitoring their mortgage portfolios in light of concerns about high house prices. Source
  • Payment systems modernization long overdue: BoC official

    Economic CTV News
    OTTAWA -- A senior Bank of Canada official says modernization of the country's core payments infrastructure is long overdue amid the rapid advance of new technologies -- and the risks that accompany them. In prepared remarks of a speech, deputy bank governor Sylvain Leduc says the system must be able to keep up with new payment options that, in recent years, have included innovations like PayPal, e-transfers and Apple Pay. Source
  • Feds release details of delayed methane reduction plan

    Economic CTV News
    CALGARY -- Companies in the energy sector would be required to regularly check equipment for leaks, make repairs, monitor emission levels and report them to Ottawa under the federal government's proposal to reduce methane emissions. Source
  • Federal government's methane emission reduction plan raises industry concerns

    Economic CTV News
    CALGARY -- Tougher methane emission regulations unveiled Thursday are expected to create oil and gas services jobs, but have raised concern that the costs of implementation could further weaken an industry hit hard by two years of commodity price uncertainty. Source
  • GM accused of installing 'defeat devices' in diesel trucks to beat emissions tests

    Economic CBC News
    A lawsuit on behalf of 705,000 GM Silverado and Sierra diesel truck owners alleges the vehicles have technology on them designed to beat emissions tests. (Rebecca Cook/Reuters) GM has been accused of installing "defeat devices" similar to the ones Volkswagen used in order to beat emissions tests on hundreds of thousands of diesel truck engines. Source
  • New Ford CEO shakes up management team

    Economic CTV News
    DETROIT -- Ford's new CEO is shaking up the company's senior management. The Dearborn, Michigan, automaker named a new head of global product development Thursday, as well as new heads of its operations in North America, Europe and Asia. Source
  • Indigenous activists want Dollarama to stop selling dreamcatchers beside Canada 150 items

    Economic CTV News
    Canadian discount retailer Dollarama is coming under fire by indigenous rights activists who are accusing the company of appropriating their culture by placing dreamcatchers alongside Canada 150 items on store shelves. An online petition created by grassroots indigenous activists in Stouffville, Ont. Source
  • Florida firm offers $807M to take over Canadian forest company Tembec

    Economic CBC News
    Montreal-based lumber, paper and pulp producer Tembec has received an $807 million US offer to take over the company from Florida-based conglomerate Rayonier Advanced Materials. Jacksonville-based Rayonier is offering Tembec shareholders $4.05 Cdn per share, or 0.2302 shares in the new combined company for every share that they own. Source