Price of Oil Going Up?

I recently read that Fort McMurray is Alberta's most expensive residential real estate market. Today, I read about Alberta on Bloomberg News,

"The government of Alberta said today it plans to spend C$241 million ($221 million) in the next five years to develop land for new housing and industrial uses near Fort McMurray, the site of Canada’s oil sands.

"The government will spend C$166 million to develop 450 acres (182 hectares) of [state-owned?] land that will include more than 2,000 new homes and accommodate 6,500 people.."

While it is actually province-owned land, not [state-owned], it is still nice to read about Alberta on Bloomberg News.

Some of the world's largest Oil Sands deposits are situated around Fort McMurray. It looks like our government is betting on a strong demand for oil.

1 comment:

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