Inflation is roaring, interest rates are soaring and oil prices are retreating on fears of a possible global recession.
These are tricky waters for Alberta business operators to navigate.
Yet, following an energy transition announcement in downtown Calgary on Thursday, business leaders expressed confidence the province and city will weather the rapidly approaching storm.
While benchmark U.S. crude prices have dipped recently — falling more than $3 Thursday to close at US$96.35 a barrel — they’re still buoyant enough to prime the economic pump and generate hefty profits.
A strong labour market and continued growth in new sectors, such as clean energy and technology, are also helping.
“Alberta will probably avoid a recession, but I think Canada will probably have one and the U.S. will, too. And Europe likely is already in one,” said Kevin Krausert, CEO of Avatar Innovations and the former president of Beaver Drilling.
“So even though I see a cooling of the (Alberta) economy … it would be pretty mild. The fundamentals of the energy industry are still really strong.”
A little more than two years ago, the province was marooned in a deep recession after the pandemic hit and oil prices cratered.
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