LOL, love that pic Johnny Horton.
I actually prefer Twin Peaks over Hooters here in Tulsa.
It's probably the best "breastaurant" going right now, although Tilted Kilt is pretty good too.
Yeah, price of oil. I have been through two major crashes in my career (1986, 1999) so this is just more of the same.
It is a cyclical business. It is nothing to do with alternate energy sources at this point. There are no alternatives yet no matter what some say. Fossil fuels will continue to dominate for some time, probably decades still.
It is more to do with increased production from many sources but particularly shale formations in the U.S. I am part of that. It is what I have been working on the past 6 years or so now. Too good at my job I guess, haha. Declining usage is the other side of the equation. Slow down in consumption growth in China, Europe, US, etc. Americans are driving more cars that get 30 mpg instead of 12 mpg. Many predict the US consumption has peaked and will never get near that peak again. I think this is true.
Much of the rest of the world however will continue to demand more petroleum and as producers slow down E & P and development spending the price will jump back over 100 bucks agin. Probably take a couple of years.
As i said the oil business has always been cyclical and I see nothing ahead that will change that. Yet.
As for Real Estate in Canada, particularly the west? Well look what happened to Calgary in the 80's oilfield slump caused earlier than the actual price collapse by Trudeau and Lalonde's disastrous NEP. Prices dropped around 40-50 percent. It won't be as bad this time I think but Alberta RE has probably peaked for awhile. Expect it to cool down substantially. Oil workers won't feel too confident to spend on big ticket items for some time. This will also be new and quite a shock to the more recent people in the biz. They have only seen good times. Old timers like me will not be shocked. Booms and busts are old news to us.
Albertans buying RE in BC will likely slow down quite a bit too. Probably hurt the interior a lot more than Vancouver.
Personally I will keep my job to at least next June but after that who knows. Will not be surprised to be let go. I have planned for it though and could retire now if I have to.