We all know what labour strikes are. But what’s a capital strike?
That's what's happening in Alberta right now.
Literally hours after the NDP's budget was tabled, Shell cancelled a multi-billion dollar oilsands project killing 1,450 jobs.
And then, the day after the budget, MEG Energy announced it was laying off more workers and cutting their capital expenditures.
It means the world’s investors — which these days means people who manage our pension funds — are telling companies: Don’t invest in Alberta.
Capital investment in Alberta was already on track to be down by $20 billion this year alone. But that was before this attack budget removed any doubt that the extremists are in charge.
If you’ve got an oilsands project in Alberta that’s already up and running, you can’t move it. You probably can’t shut it down. So you do what MEG did.
If you haven’t built your project yet, like Shell, you head to a different country.
That’s called a capital strike.
Because of Rachel Notley and the risk of Justin Trudeau, the smart money is fleeing Alberta.
Tell Rachel Notley to stop her war on oil and gas jobs in Alberta.
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