Billy Joe MacLean worries about impact of low oil prices on CB economy

The mayor of Port Hawkesbury, N.S. is worried about the impact low oil prices will have on the Cape Breton economy.

Speaking on the CBC’s As It Happens, Billy Joe MacLean estimated that 10,000 Cape Bretoners are currently working in the oil fields of Alberta.

On Wednesday, oil prices were trading at just above $60 US per barrel.

There is fear that if the price plummets any more, massive job losses will occur.

MacLean has a son working in Alberta. When they spoke Tuesday evening, his son told him, “The last time they had a shake up like this, people were going into the banks and dropping their house keys on the table and saying, ‘We can’t afford the payments, so we’re going home.’”

MacLean says a lot of Cape Bretoners work in Alberta, but live in Cape Breton on their time off. It is there that the fruits of their labours are spent on things such as homes, cottages and boats.

“Well now, I don’t know how they’re going to survive if this lasts too long,” he said.

There are also Cape Breton businesses doing work for the oil industry in Alberta.

MacLean says there are welding shops making tanks for the oil industry and they are worried what low oil prices will mean for their businesses.

“Is this the last contract?” they have told him. “Will we be able to complete this contract?”

MacLean anticipates that if the price of oil is sustained in the $40 range, there will be dramatic foreclosures throughout Cape Breton on things like houses and trucks.

“The impact on this economy is just devastating,” he said.