Canada's Oil Industry Enjoys Boom Year, But There's a Catch

Canada's oil industry is enjoying a boom year with the start of the Trans Mountain Expansion Project in May, which tripled the volumes Alberta's oil producers can send via the pipeline to the Pacific coast. But the ambitious climate policies of the federal government of Prime Minister Justin Trudeau – with plans to cap emissions on hydrocarbon production – are angering energy producers and alienating voters.

has criticized the plan for being too ambitious and emphasized that the industry is already working hard to reduce emissions.

said in a statement at the end of 2023. Last month, executives at major Canadian oil and gas producers, including Suncor, Imperial Oil, Cenovus Energy, and Enbridge, expressed concerns that the proposed emissions cap would be a kind of de-facto production cap. said in May that Canada's oil and gas industry could lose US$55 billion C$75 billion in upstream investment by 2035 if the federal government implements the stringent 40% emissions cap from 2030, citing a report by S&P Global Commodity Insights it had commissioned.

President & CEO Lisa Baiton said. 'The loss of Canadian oil and natural gas exports will be made up by other nations, who may not share Canada's high environmental and emissions standards.' Canada's Oil Boom Amid the ongoing debate about the emission cap and whether it could turn into a de-facto cap on production, Canada's oil industry is enjoying good times lately.

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