Alberta’s economy takes a blow as its main economic engine is about to break down due to low oil prices. 

This week Alberta Finance Minister Iris Evans announced that the province would table its first deficit budget in 15 years and estimated that 15,000 Albertans would lose their jobs going into a recession period. She added that the crisis is situation is going to give Alberta a tough year ahead.

"Plunging energy prices, unsettled international financial markets, a drop in demand for our exports and other effects of the global recession have put Alberta in a much different position than we were in just six months ago," she said.

Alberta has been the lead employment provider in the nation for the past several years, but now it is expecting unemployment to dip to 5.8 per cent in 2009 from last year's average of 3.6 per cent.

Market meltdowns have also eaten into Alberta's rainy-day Heritage Savings Trust Fund reducing it by nearly $3 billion to roughly $14 billion.