BP Oil Spill | Effects on Economy and Housing Market

Calgary Real Estate Connection Vlog by Calgary REALTOR® Kelley Skar

BP Oil Spill Effects
As a Calgary Realtor, I’d like to give you my two cents on the BP oil which in my opinion is a huge ordeal for BP and for the US government, which is actually like “Obama’s Katrina”. I did some digging and researching on Louisana and found out that 60% of their economy is directly tied to the oil industry, 20-25% is in the fishing industry while the remaining percentages are in agriculture, tourism and so on. A lot of what’s being played in the media is how the fisherman have been helping out BP and getting really involved.

The Untold Story and the Economy Effect

The story that isn’t being told though, and since it directly correlates to Alberta which is an oil territory, is that the rig workers will be struggling greatly due to this occurrence. The 6 month moratorium announced in the Gulf will entail that all the rig workers will be out of work and although a 100 million dollar fund has been allotted to help rig workers, their monthly wages still amount to more. Without enough money, these rig workers won’t be able to spend and fuel the economy leading to a huge downfall in the state’s economy.

Real Estate and Housing Market Turmoil

Based on research, it may appear that this ordeal may be 10 times more than what Katrina was
for that area in terms of economic instability and real estate values. Real estate values may go down deeper than their current real estate market situation, considering the effects of the real estate market downturn in 2008 which greatly affected the market and mortgages. There is a possibility that the values may go down even further, foreclosures may increase and people won’t be able to afford their homes.

The best thing to do during this time of trial would be to try to help out in any way you can, any
donations or extra helping hands can go a long way for those in need.

Tune in for the next episode! "ComFree and its sell out"

If you would like to talk to Kelley regarding this vlog or any other please feel free to give him a call at 403-827-7527 or email him at kelley@kelleyskar.com

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