When thousands of people have lost their jobs, there will undoubtedly be a large focus on the negative impacts of cheap oil.
Producers are scaling back on projects to find oil when the investment isn't likely to return much, if any, profit and plenty of workers are suddenly finding themselves looking for a new job.
Cruel as fate is, however, misfortune for some tends to yield fortune for others.
For every consumer out there, the savings at the pumps are significant ó hundreds of dollars or more every year depending on how much time a person commutes, and these days plenty of drivers spend a significant amount of time behind the wheel.
Let's consider a relatively conservative estimate of $50 a week on a truck or SUV. Multiplied by 52 weeks a year, that amounts to $2,600. If that cost suddenly drops to $40 a week or less, that's at least $2,080 a year ó more than $500 in savings a year. People who don't drive as frequently would not save as much as those with multiple vehicles or large trucks, but they'd still find some extra money in their pockets.
That amounts to a meaningful tax break, unlike the gestural one recently discussed by council to reduce the budgeted increase for 2016 to zero per cent from shy of two per cent, which for the average household would represent not even $40 in savings ó for the year.
Places like Sundre seem to be experiencing the benefits of cheap oil as more and more people in central and southern Alberta are looking for a pleasant place to get away without having to drive very far. The recreational opportunities that are available year-round ó from cross-country skiing or snowmobiling in the winter to mountain biking and fishing in the summer for example ó become even more appealing to outdoor enthusiasts who won't be as intimidated by a more restrictive cost at the pumps.
None of this is to downplay the challenges that come with cheap oil, but perhaps an attempt to find a silver lining. And those who have been directly affected by the low cost of oil will find a way. It won't be the first time and it certainly won't be the last.
It's just a matter of time before the next boom ó cheap oil will drive up the demand, which in turn will eventually increase the cost. The global surplus of available oil won't last forever.
Even with the push to move towards green, renewable energy, there will continue to be a demand for petroleum ó modern life essentially depends on it. Look up "petroleum-based products" online; just about every modern commodity depends on it to some extent or another.
So might as well enjoy lower prices at the pumps while they last ó before we know it we'll be back to complaining about how we're getting gouged, reminiscing about the time oil was barely $30 a barrel and a fill-up could be found for little more than $0.70 a litre depending on the station.
