Where is the price of oil going?

Edmonton's economy has diversified over the last 20 or 25 years ago but there is no ignoring the price of oil and it's effect on the city.

Edmonton is booming because it has more untapped oil in the oil sands than any other country in the world. The city's population growth is due to many things: higher wages, lower taxes and better jobs than many parts of Canada. Like it or not many jobs are in the oil sands.

If they slowed down what would happen?

We would be looking at a future with slower in- migration and potentially stabilizing wages that would still keep Edmonton well above the national average, but still less than now.

There is a lot of diversity though, and industries such as nanotechnology and IT continue to grow faster and become better than many other areas of the country.

But... back to the oil price is it going to drop?

Well apparently it won't in fact it's going to recover and stabilize by the middle of next year. Here is my 2 cents it will go up and then down and then up again and then down and then....

“I feel like I'm from Mars, because I know all the stuff that's put out there has no basis in reality,” “Most perceptions of what's actually happened are totally wrong, because there are such errors with the energy statistics.” Henry Groppe, 83, who has been tracking the complex world of oil and gas production, consumption and pricing for over half a century.

Here his insight into the future of oil prices.