Economist and Business Council of British Columbia executive vice president Jock Finlayson was the speaker at the Association of Consulting Engineering Companies (B.C.) January Economic Forecast session held in downtown Vancouver.
Finlayson explained how the current decline in oil prices may actually be beneficial to British Columbia's economy, since the province produces very little oil. He also cautioned that if oil prices continue to decline or plateau, ambitious liquefied natural gas (LNG) projects would likely fall by the wayside.
Finlayson also spoke to B.C.'s energy generation, which relies heavily on renewable resources such as hydroelectric plants. He said while Canada has a poor reputation for relying on resources in terms of electricity use it relies more heavily on renewables than almost any other country in the world.
He also addressed the importance of the increasingly dynamic economy of the United States, which he said will benefit Canada and British Columbia far more than the current focus on Asian economies.