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Most know there will be consequences from the oil crash in the next 12 months, but so far lower oil has put more money in Albertans’ pockets, said Kyle Murray, professor of marketing at the University of Alberta’s school of business.

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“It’s much too early,” Mr. Murray said. “Most of us haven’t had a pay cut, we haven’t lost that many jobs, we haven’t seen large-scale freezes or big increases in taxes or cuts in services. In fact, the things that have changed right away are mortgage rates are falling and gas that is cheaper, and so far the impact of the so-called crash is it costs us less to live. But that is not likely to last.”

At Teatro, a fine dining establishment in downtown Calgary favoured by the oil crowd, there is concern about corporate spending cuts, but so far “our lunches are busier than ever,” and major events are moving ahead, said Diana Ellison, operations manager for Teatro Restaurant Group.

Adam Legge, president and CEO of the Calgary Chamber of Commerce, said most of the city’s small businesses “have not experienced much in the way of business impacts yet,” though they are putting plans in place to be ready as the effects trickle through the economy.

Most of us haven’t had a pay cut, we haven’t lost that many jobs

The relative calm may have something to do with plenty of experience dealing with commodity price cycles — and a sense that the latest downturn is temporary.

“In Alberta we have all seen this before,” Mr. Legge said. “Many businesses are approaching 2015 with caution, avoiding outlaying unnecessary capital, delaying equipment purchases or working to get the most out of current staff levels rather than increasing their workforce. To be clear, we are taking about prudence, not panic.”