Global economic crunch ends oilsands boom
- Gary Lamphier, The Edmonton Journal, Canada
Project costs skyrocketed, infrastructure pressures soared, labour shortages were rampant, worker health/safety issues mushroomed, housing costs went through the roof, and overpaid twentysomethings spent like drunken sailors.
Many thought the boom would never end. But booms always end. That's why they're called booms.
Employers outside the oilpatch had to pay big bucks to attract workers, even though they didn't generate the same fat profits as energy firms.
High school kids dropped out of school to earn big bucks in the 'patch. Real estate speculators flipped condos like hamburgers.
None of this was sustainable, or healthy.