Industry analyst Jim Sillars has some harsh words for the oil industry.
“The oilsands industry is going to continue to be one of the worst-performing sectors in the province,” he said.
“There is nothing that can stop this industry.”
Sillars says Alberta has a history of encouraging oil and gas companies to invest in the country’s resource base and to create jobs.
“But this time the Alberta government is making a serious mistake,” he added.
The oilsand sector has been hit hard by the price of oil, which has pushed up costs for Alberta’s manufacturing sector, as well as the closure of some mines.
In addition, there are concerns about how the industry will weather the effects of climate change, including increased flooding.
There are also concerns about a growing number of layoffs.
In the first quarter of this year, more than 4,000 jobs were lost in the oil and oil sands industry.
The layoffs are expected to grow.