Canada Fire Deals Staggering Blow to Oil Sands Industry and Economy

Earlier this month a massive wildfire destroyed vast areas of Fort McMurray in Alberta, Canada. A CNN meteorologist reported that the fire’s blaze was larger than the size of Singapore, or both Chicago and Boston combined. Luckily the fire has caused no causalities, but it has desolated wildlife, forced thousands to evacuate, and has created a worsening financial fallout for Canada. Fort McMurray is the main contributor of Alberta’s oil sands production; however even before the fire the Canadian government was projecting a deficit. The full toll on the economy will depend on the stability of the oil sands, the job losses and displaced employees, and allocations for recovery funds. 

--Kassie Whaling--

http://www.nytimes.com/2016/05/12/business/energy-environment/canadas-oil-sands-industry-staggers-after-a-devastating-fire.html?mabReward=A4&moduleDetail=recommendations-1&action=click&contentCollection=Europe&region=Footer&module=WhatsNext&version=WhatsNext&contentID=WhatsNext&src=recg&pgtype=article 

http://www.cnn.com/2016/05/06/americas/fort-mcmurray-fire-q-and-a/