Plunging oil prices landed with a giant thud in Canada on Monday, sending tremors across the oilpatch and raising the spectre of spending cuts, production cuts and job cuts. The energy sector accounts for more than 11 per cent of Canada's gross domestic product. Alberta’s struggling economy was dealt a devastating blow with a major drop in oil prices on Monday. But when crude prices drop and stay low, oil companies feel the financial squeeze. Canada's oilpatch, on the other hand, enters the fray leaner, more efficient and innovative than five years ago when oil prices hit the skids.

Source: CBC News March 10, 2020 08:00 UTC