{"id":10668,"date":"2015-08-03T08:17:28","date_gmt":"2015-08-03T13:17:28","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10668"},"modified":"2015-08-03T08:17:28","modified_gmt":"2015-08-03T13:17:28","slug":"5-signs-of-trouble-for-saskatchewans-economy-in-oil-slump","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10668","title":{"rendered":"5 signs of trouble for Saskatchewan’s economy in oil slump"},"content":{"rendered":"
\n

5 signs of trouble for Saskatchewan’s economy in oil slump<\/a><\/h3>\n<\/div>\n

Many said province could withstand economic blows from oil and gas, but there are troubling signs<\/strong><\/p>\n

When crude oil prices began to plummet, economists comforted Saskatchewan residents that their diversified economy would safeguard them during the oil and gas slump.<\/p>\n

In fact, Saskatchewan’s economy isn’t that diverse.<\/p>\n

The province relies heavily on natural resources: fuel, food\u00a0and fertilizer.<\/p>\n

\"fi-oil-pump-jacks-sask\"<\/p>\n

The Canadian Association of Oil Drilling Contractors forecasts it will drill half as many wells in 2015 compared to 2014.<\/p>\n<\/div>\n

And while economists were banking on the agriculture and potash industries to offset energy losses, they’re no longer confident that will happen.<\/p>\n

The potash industry remains strong in production, on par with its growth last year, but nitrogen prices have fallen about $60 US a tonne.<\/p>\n

Most worrisome, it’s shaping up to be a disappointing crop year for many Saskatchewan farmers, thanks to an unwelcome mixture of spring frost, drought\u00a0and poorly\u00a0timed rains.<\/p>\n

While cattle prices remain high, drought has jeopardized hay yields and could force some ranchers to sell off their herd.<\/p>\n