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Low Oil Prices Impact Calgary Stampede Chuckwagon Tarp Auction

Mar 18, 2016 | 8:53 AM

CALGARY:  There was another indicator last night of just how hard Canada’s oil and gas industry has been hit by the economic downturn.

The annual chuckwagon canvas auction at the Calgary Stampede allows companies to bid to have their logo carried on the wagon tarps at the Stampede rodeo.

When the economy is booming the amount of the bids are high but when things go bad it reflects in the auction results.

Nearly $2.3 Million was bid for the drivers Thursday night — that’s $480,000, or 18 per cent, lower than last year.

It’s also the lowest amount since the last economic downturn in 2010.

Chuckwagon driver Mark Sutherland says energy companies are slashing spending as they struggle to stay afloat.

Sutherland speaks from personal experience, having been laid off last year by an oil and gas company where he worked for 15 years.

Driver Kurt Bensmiller, the two-time defending Rangeland Derby Champion, says when oil prices are down — everything is down.