Last year ended very positive for the Canadian job market. In December we hired 40,000 new workers and the unemployment rate dropped to 7.1%, it’s lowest point in four years! This number affects both confidence in the stock market, and housing prices. Hope we can continue helping our unemployed and under-employed friends in 2013 and get the number even lower.
Precious Black Gold
The oil industry made a big announcement this week and it’s going to benefit Canadians! A group of companies including Suncor, Chevron, and Exxon Mobil, have said they will start a major offshore project in the Hebron Oil Field, near St. John’s Newfoundland and Labrador. This project will create thousands of jobs which won’t just help those employed in the oil and gas industry, but also the local economy in NL and other nearby provinces. Not only that but the provincial government will also likely be getting some sort of royalty (~_~) from this new project. This is much needed news for people on the east coast as Newfoundland and Labrador’s unemployment rate is 11.5%, the highest in the country!
The companies lead by Exxon plan to spend $14 billion extracting the oil but costs could go up higher. There’s an estimated 700 million barrels of oil in this field. At today’s oil prices if they manage to drill up all the oil they can sell it for $63 billion. Pretty good deal for them. How can the average person benefit from this new announcement? A few ways. 1) Invest in local companies in St. John’s 2) Invest in oil companies 3) Learn skills to work on offshore oil rigs.
disclaimer: I’m a shareholder of Exxon Mobil, Chevron, and Suncor stocks. In the last week all 3 stocks have gone up in price! I also have Trican and Halliburton stocks. They are oil services companies and provide equipment and expertise to help energy companies actually drill the oil out of the ground from hard to reach areas, such as offshore 😀 This is why I love investing. Large multinational energy giants love to make money and are really good at doing it. Anyone can invest in them today and benefit from their profits in the future :0) Readers, if you don’t already own some oil companies what are you waiting for?