Canada hit by oil prices

The fall in oil prices has hurt Canada's economy, leading to the reduction in Canadian GDP. Canadian oil sands have two important features: they have a very big potential in terms of oil production, but to produce crude oil there turns out too expensive, compared with conventional methods. Oil companies do their best to reduce capital investment. Firt of all, there began the cut of jobs. Less than a year in Alberta the number of oil rig jobs that were reduced, reached 13,000 jobs. The information about thousands of newly unemployed, who previously worked in oil & gas industry, is being regularly published by the Canadian Association of Drilling Contractors.