As the price of a barrel of oil continues its freefall, it’s almost as if somebody pushed the pause button on Estevan.
In the past there may have been people throwing around 20s in shops, restaurants and bars. Now, they’re getting advice on how to effectively manage their credit and debt.
“Right now Estevan looks very quiet,” said Jackie Wall, executive director with the Estevan Chamber of Commerce. “We went from a very, very high to the absolute low in such a short period of time that it has hit every business, everyone across the board.”
Speaking on the CJME Morning Show, Wall explained how restaurant parking lots are empty in the evening, hotels are quieter, there are fewer cars and trucks on the road, and more properties have hit the market.
“Having said that, we still do have a lot of industry that is thriving. Ag is thriving right now,” she insisted.
To help businesses in the community through this economic blip, the chamber has been offering credit and debt management services. She outlined how they’re also now putting a bigger emphasis on staying in the community to do your shopping.
“We’re also looking at a shop local campaign. We really want to encourage the people that are still here to just really focus on shopping here, getting everything that they need locally.”
Each business will have to look at their own operation on a case-by-case basis until oil eventually rebounds, Wall continued. That could mean cutting back on hours or wages.
For some, it could even mean retirement.