Last week ATB financial suggested that the Alberta economy is turning the corner. At least one leader in the Edmonton business community isn’t so sure. Paul Chissell is the president of Wynn Machine & Manufacturing, which has been in operation for 40 years. He tells Global News that he’s heard talk that there’s $100 billion worldwide poised to be invested in Canadian energy.
“You know, if we can get $50, $55 a barrel oil, these oil companies that have been struggling, they’re leaner, they’re meaner, and they’re poised to reinvest. We just need economic conditions that these moneys will go ahead, and I’m sure this is going to benefit everybody.”
Chissell says that without increased investment in the energy sector, we’re not likely to see the sort of returns that would help the stalled economy.
He adds manufacturers are trying to diversify but it all comes back down to oil and gas.
“This is where the meat and potatoes of the economy is in Alberta. It’s going to take decades and generations before we get into this alternative energy that people are talking about, but we have to concentrate on what’s happening now. What’s the government going to do right now for this industry?”
Oil closed the week at $44.13 cents a barrel.