The Calgary Stampede canvas auction is considered a bellwether for Alberta’s energy industry, as many sponsors that pay to have their company names on chuckwagons are players in the energy sector.
The amount of money that was flowing freely at the annual Calgary Stampede canvas auction Thursday night was just the sort of gusher that Alberta’s oil and gas industry likes to see.
The province has traditionally had a boom and bust economy tied to the price of oil. With the price of West Texas crude around US$82 a barrel the sector is definitely in a boom position right now.Last year with the sport returning after the COVID-19 pandemic the 27 rigs taking part in the event raised $2.1 million or roughly $77,800 per bid.This year the total hit $2.75 million or about $102,000 for each chuckwagon team.
“It’s felt pretty normal leading up to this year’s Stampede. We’re encouraged and feel like we are, if not all the way back to normal, then very close.”Story continues below advertisement
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