Harper on falling oil: “Industry isn’t remotely the entire Canadian economy”
Posted Jan 22, 2015 4:28 pm.
This article is more than 5 years old.
The prime minister says there will be some pain, but the Canadian economy will weather the storm of falling oil prices.
Stephen Harper made the remarks in St. Catherine’s, Ontario Thursday, saying it’s a resilient industry that has seen prices go up and down before, but did acknowledge effects will be serious.
“Obviously significant for the government’s finances, it’s not as significant as Alberta, but it’s significant,” he said. “But the oil industry isn’t remotely the entire Canadian economy.”
“I’ve been through many of these price cycles in my political and economic career and I have every confidence that that industry will weather the storm, I say with some difficulty.”
Harper believes the industry will emerge strong for the long term and the volatility of oil and gas will not throw off the fundamental growth and principles of the economy.
