Dropping prices for oil are starting to affect Canadians who work in the sector.
Photo Credit: Reuters

As oil prices plunge, layoffs begin

A recruiter in Canada’s western province of Alberta says hiring is down and some energy companies are starting to lay off staff as the price for oil plummets.

The price of oil closed a just over $56 a barrel on Wednesday, almost half of what it was just six months ago. Several oil companies are reducing their budgets including Husky Energy, Whitecap Resources and Bonavista Energy.

It’s not yet clear what impact this will have on the many Canadians who left poorer provinces, some thousands of kilometres away, to take lucrative jobs in the western oil and gas sector.

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