Housing prices in Calgary just fell $20,000. The price of natural gas is down again. Hurricanes are ripping through the Gulf of Mexico.
Do any of these events affect the Great Alberta Oil Boom? Surely this one can't be over already!
But, as songwriter Bruce Cockburn wrote, "The trouble with normal is it always gets worse."
Just when we think the Alberta economy is stable, and booming forever, we once again experience the annoying realities of a fast-paced life. And of being a relatively small economy linked closely to the international petroleum world.
Dozens of factors determine the severity and length of each part of Alberta's booms and busts. For more details on how to live through the cycle with relative peace of mind see my new book: Pumped: Everyone's Guide to the Oil Patch - in stores now!