The entire Canadian economy is being impacted by the COVID-19 pandemic, but one of the hardest hit is the oil and gas industry. Demand is plummeting as people stay home and avoid unnecessary travel. On top of that, a price war between Russia and Saudi Arabia has flooded the market with supply. The result has been huge cuts to production and the slashing of billions of dollars in spending.
Equally important to royalties are the jobs and contracts that First Nations typically negotiate when large projects go ahead. In good years, the industry as a whole will spend billions of dollars in procurement with Indigenous businesses, for example in trucking, catering and construction. In fact, the larger oil sands companies have each procured more from Indigenous businesses over the past 20 years than the entire federal government put together, over the same time period.
Even those First Nations who aren’t directly involved in oil and gas activities will be severely impacted by the downturn in the energy industry. Many First Nations’ economic development corporations have diversified toward transportation, tourism and hospitality. The reduction in industry spending on conferences, business travel and catering will affect them significantly.
GlobeDebate The Indigenous need oilandgas as much as anyone else does - during the crisis-indicated need to transition asap. It was bad enough our resources were stolen & meted back to us as some grand benevolence, but we don't need our kids to be poisoned further. Get to the work needed.
GlobeDebate
GlobeDebate What a deceitful bull shit title and article
GlobeDebate The Globe and Mail does not speak for Indigenous communities.
GlobeDebate Really?
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