Alberta wildfires may trim growth in Canada\u0027s gross domestic product in May, says the Bank of Nova Scotia. Find out more.
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That projection is rough and could evolve as more shutdowns are announced, but the blazes “are going to be messing with theCalgary Herald Headline NewsEmail AddressBy clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300A welcome email is on its way.
Canada’s economic growth already was expected to stall in the middle of this year as rate hikes from the country’s central bank cool activity. Since the production shock is transitory, it “should not impact monetary policy as rebounds and possible rebuilding will follow,” Holt said.Alberta was reporting 89 active wildfires as of 8:25 a.m. Mountain time, with 27 of those out of control. That’s down from more than 100 total active fires yesterday.
Those blazes have shut down the equivalent of at least 234,000 barrels a day of oil production, sending low-sulfur sweet crude prices in Canada to a one-year high. Nearly a fifth of western Canadian natural gas supply has been suspended, prompting a surge in those prices as well.Article contentPrime Minister Justin Trudeau said his government had received the official request for assistance from Alberta Premier Danielle Smith and her government.
“Over the past number of days, federal resources have been stood up and made ready for what we expected to be a request for assistance,” Trudeau told reporters in Ottawa. “We’re going to be able to be there for the people of Alberta.”
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