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Canadian Oil and Gas Stocks Surge as Trudeau Resigns

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ENERGY,STOCK MARKET,CANADA

Canadian oil and gas stocks experienced a significant surge on Monday following Prime Minister Justin Trudeau's resignation. The energy sector led all others on the TSX in terms of gains, with the S&P/TSX capped energy index rising nearly two percent. Some investors and traders celebrated the news on social media, as Canada's oil and gas industry has had a complex relationship with Trudeau's government over the past decade.

CALGARY — Canadian oil and gas stocks climbed Monday as the country's energy sector absorbed the news of Prime Minister Justin Trudeau's resignation.

As of mid-afternoon, the energy sector led all others on the TSX in terms of gains, with the S&P/TSX capped energy index up nearly two per cent.Canada's oil and gas sector has had a rocky relationship with Trudeau's government over the past decade. The federal government under his leadership made a major investment in the sector through its purchase of the Trans Mountain pipeline in 2018, but it also introduced a number of policies that were seen by many as hostile to oil and gas development.

The Trudeau government's proposed oil and gas emissions cap, which has not yet been finalized, faced staunch opposition from both the industry as well as the oil-producing provinces of Alberta and Saskatchewan.

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Canadian Oil and Gas Stocks Rise After Trudeau ResignationThe Canadian energy sector saw a boost following the announcement of Prime Minister Justin Trudeau's resignation, with oil and gas stocks experiencing significant gains. Trudeau's government had invested heavily in the sector while also implementing policies considered unfavorable by some.
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