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Canadian oil industry exasperated by governments

Canadian oil industry exasperated by governments

In its most recent report, the Canadian Association of Petroleum Producers blames governments for undermining investor confidence and harming job creation.

The association is against rising costs imposed by governments and what it considers to be ineffective regulation.

Rachel Notley’s government imposed a tax on greenhouse gas emissions from the oil industry. The federal government has also forced the imposition of a carbon price.

“Across Canada, government costs and regulatory hurdles are multiplying, making it more difficult to grow your industry and support job creation for Canadians,” says the president of Canada. Association, Tim MacMillan.

Among other things, the report notes that investments in the oil and natural gas sectors increased in 2017 globally, but declined in Canada.

Investments in Canadian oil and gas infrastructure reached $ 45 billion last year. That’s 19% less than in 2016 and 46% lower than in 2014. However, oil prices were considerably higher that year.

CAPP again denounces the lack of access to international markets for Canadian oil. This difficulty in bringing Albertan black gold to the rest of the world puts downward pressure on Canadian oil prices.

The federal government recently announced changes to the environmental assessment process for energy projects that are intended to clarify the process by which pipeline projects are approved by Ottawa.

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