Many industry players saw it as a decisive moment to regain some momentum for a sector that’s been stuck in neutral this year, frustrated by a lack of pipeline capacity and largely ignored by investors.
The victory of the Liberal party in Monday’s election — returning with a minority government — means many of the biggest issues for the sector haven’t really changed.“For the energy sector, this is a massive impact. There will be discussion upon discussions. Many are not only disenchanted with our current federal government and not trusting them, but understandably frustrated and outright angry,” said Grant Fagerheim, CEO of Whitecap Resources.
“There is an oilfield service company going bankrupt every week, so I don’t think it’s going to change,” he said. While the Liberals have vowed to continue with the expansion, some in the industry and the Alberta government are concerned about its fate, as well as Bill C-69, which overhauls how major pipeline projects will be environmentally assessed in the future.
“We are tired of being a punching bag. All we want is to get our resources to market. We have a constitutional right to develop them.” Benchmark crude oil prices have fallen by almost 23 per cent in the past year, reflecting broader global concerns about excess supplies and falling demand. Meanwhile, the S&P/TSX Capped Energy Index is down eight per cent this year.
'Sympathy for Oil Tycoons' generally can be found between 'shit' and 'syphilis' in the dictionary.