Miller’s Monday Morning Message
presented by ACM Consulting Inc.
Andrew Miller on operational excellence, strategy, life balance and everything in between
Toronto – December 8, 2014
If there was ever an argument on why North America needs to become less reliant on foreign oil and focus on developing other industries, we saw it this week. Saudi Arabia slashed the price it will charge for oil in order to maintain it’s market share and the OPEC countries have refused to lower production in order to help raise prices.
So how does that decision made halfway around the world affect North America? Resource and energy company shares take a huge hit, but more importantly, the lower price will reduce the amount of income flowing into countries that sell oil, like Canada. The Governor of the Bank of Canada said these lower oil prices could reduce Canada’s growth rate by 0.3% (the latest growth rate for the country is around 3%). That is a 10% reduction in the growth rate of an entire country because of decisions made in Saudi Arabia.
Maybe it’s time to put more money and resources into developing some of the other sectors of the economy. Read more about that in one of my recent Monday Morning Messages.
Imagine your profitability eroded by 10% almost overnight because of a decision that you had no control over. Wouldn’t that prompt you to make some changes?
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