The Conference Board of Canada’s Compensation Planning Outlook is forecasting Alberta will be the province with the highest average salary increases in 2013. The oil and gas industry is projecting the highest average increase at 4.2 per cent in 2013. Excluding oil and gas, the natural resources sector comes next at 3.6%.
These numbers are fantastic given all the concerns about the global economy.?? I sure hope the Premiere of Quebec reads that article except I won’t be holding my breath. Quebec has substantial hydrocarbon deposits that it can monetize but chances are they’ll expire worthless if the current mindset persists.
Earlier this month the EIA projected worldwide fuel consumption will rise to 95.7 million barrels a day in 2017 from 89 million in 2011. However, the output is estimated to reach 102 million barrels a day during the same period rising 1.5 million bopd. Not quite the bullish scenario for oil.
But these estimates assume more of the same sluggish recovery for the next 5 years until 2017. That may not be the case, the trump card still remains demand from non-OECD countries, particularly China. Its funny how investors worry about a 7.4% growth in GDP. Truth is, with that kind of GDP, demand is going nowhere but up and supply will only outstrip demand if the risk of geopolitical risk is zero. We all know this is far from it, especially in the middle east.
So good for you fellow Albertans, make the most of your hydrocarbon resources while they still matter to humanity!
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Have a Great Weekend!