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TuesdayJanuary2020159INDUSTRYOILcascadegraphicsAdvertisingsolutionsBookdesignBrochurespostersBusinesscardsStationeryCerloxBindingDocumentPrintingFaxing-SendingReceivingIDPhotosfortreatycardsFACInvitationscustomdesignLaminatingLogodesignMarketingsolutionsPhotographyPhotocopying-Upto11x17colourandblackwhitePromomaterialScanningPostersBannersStickersMagnetsWeddingPartyfavoursCallusat867.872.3000Emailusatgraphicsnorj.caordesignnorj.caorsimplydrop-inat207McDougalRdFortSmithNTWeofferarangeofcustomdesignservicesthatincludeWemayhavechangedourlookbutwestillofferallthequalityproductsandservicesyouareusedtoplusmore.OilcrashtotriggerAlbertarecessionforecasterSuncortocutcapitalbudgetby1billion1000jobswillbelostByMEAGANWOHLBERGTheoldadageofnotplacingallofoneseggsinonebaskethasincreasedsignifi-canceinCanadasrichestprovincewherethecollapseinoilpriceswilllikelyresultinarecessionaccordingtooneeconomicforecaster.AreportreleasedbytheConferenceBoardofCanadalastweekindicatestherecentpriceplungethathasleftoilbelowUS50abarrelcouldseeasignificantdropinin-vestmentjobsandhousingfortheprovinceofAlbertaifpricesfailtorecoversoonorworsecontinuetodrop.Thelatestjobandhousingnumbershaveyettoshowanyhitfromthedropinoilpriceswithbothremainingsteadyandinlinewithseasonalpatterns.ButoilisAlbertasmainexport.Andgoingforwardtheprovinceiscertaintosufferespeciallyontheemploymentfrontfromthedropinoilpricesanditislikelytoslipintoreces-sionstatesthereport.Theboardnotesthatthepreviousreces-sionsawinvestmentintheprovincenosediveby18billion30000oilsandsjobsdisap-pearanda75percentfallinhousingstarts.AlbertaPremierJimPrenticewentonrecordthismonthprojectinga500mil-liondeficitfortheprovincethisyearcon-trarytotheoriginalestimateofa1.5bil-lionsurplus.StillthepremiersaidhedisagreeswiththeConferenceBoardreporttellingmedialastweekthatheintendstomakemea-suredbalancedfiscalchoicesthoughacknowledgingpriceswouldstaylowforseveralyears.AslongaspricesdontcontinuetodropPrenticescalculationsseetheprovincebouncingbackoutofdecitby2018.InthemeantimePrenticesaidthegov-ernmentwillhavetorefocusondiversify-ingitsrevenuestreams.Suncorannounces1billioncutsTheAlbertagovernmentisnottheonlypartyconcernedwithtumblingrevenues.Withthebenchmarkforcrudehoveringataround47abarrel-lessthanhalfthepriceitwassixmonthsago-oilcompaniescouldbefacingcutbacksandprojectdelaystosavetheirbottomlines.AmongthoseisSuncorwhichannouncedlastweekthatitwillbecuttingits2015budgetby1billionincapitalspendinginresponsetolowcrudeprices.Furtherreductionsamount-ingto1.4billionwillbephasedinovertwoyearstooffsetinationandgrowthand1000employeeswillbelaidoff.Costmanagementhasbeenanongoingfocuswithsuccessfuleffortstoreducebothcapitalandoperatingcostswellunderwaybeforethedeclineinoilprices.Howeverintodayslowcrudepriceenvironmentitses-sentialweacceleratethisworkSuncorschiefexecutiveofcerSteveWilliamsannouncedlastTuesday.Todaysspendingreductionsareconsistentwithourcommitmenttospendwithinourmeansandmaintainastrongbal-ancesheet.Wewillmonitorthepricingenvi-ronmentandtakefurtheractionasrequired.Boardexpectspricestoriseinlate2015TheeconomicupsideofthereportisthattheConferenceBoarddoesnotforeseebottomofthebarreloilpriceslastingbeyond2015.Therewontbemuchmovementinthersthalfof2015and100perbarreloilisntcomingbackanytimesoon.Butweex-pectworldoilpricestoriseabove60bytheendofthisyearforecastsKipBeckmanaboardresearchassociate.TheboardalsonotesaboostinconsumercondenceasCanadiansbenetfromlowerpricesatthepumpwithabigjumpinthenumberofrespondentssurveyedinDecem-berindicatingthattheirnancialsituationhasimprovedoverthelastsixmonths.PhotoChrisSchwarzGovtofAlbertaAlbertaPremierJimPrenticeanswersmediaquestionsonthefutureoftheprovinceseconomyduringanewsconferenceinEdmontononJan.13.