United Conservative Party leader Jason Kenney addresses supporters in Calgary, Alta., Tuesday, April 16, 2019. (Jeff McIntosh/The Canadian Press)

Oil and gas sector applauds new Alberta premier’s many pro-business pledges

Canadian Association of Petroleum Producers offered congratulations to Jason Kenney

The Alberta oilpatch is applauding the provincial election win by Jason Kenney and his United Conservatives.

The Canadian Association of Petroleum Producers offered congratulations and welcomed the UCP’s commitment to making regulatory, economic and fiscal policy reforms.

It says it endorsed UCP election promises to cut the corporate tax rate to eight per cent from 12 per cent, develop a natural gas strategy, reduce red tape and complete a review of the Alberta Energy Regulator within the first 180 days.

In a morning report, analysts at Desjardins Energy Research agreed the election results were a “positive development” for the oil and gas sector.

They add, however, that the province’s difficulty in moving oil to market due to a lack of pipeline capacity — blamed for steep discounts in western Canadian crude prices last fall — will remain a major thorn in the side of the new government.

The TSX capped energy index, which tracks oil and gas company stock prices, was up almost one per cent in early trading Wednesday morning, led by gains by many Canadian oil and gas producers including Suncor Energy Inc. and Imperial Oil Ltd. and a strengthening U.S. benchmark oil price.

CAPP points out that the UCP has also pledged to spend up to $30 million to combat misleading news reports about the industry, and to create a “war room” to examine foreign-funded anti-oil campaigns.

“CAPP is encouraged by premier-elect Jason Kenney’s commitment to the oil and natural gas industry and looks forward to working constructively with the UCP to ensure the province meets its energy goals,” it said.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Rain raises water levels in Cowichan Lake

Possibility that pumps could be shut down soon

Caps beat Chiefs at home, then bow to Kings

Injuries, suspensions, travel all effect trip to Powell River

Cowichan residents invited to apply for seats on affordable housing committees

“Lack of affordable housing is a critical issue in the Cowichan region”

Vandalism reports at two Duncan campaign headquarters

Offices of NDP Alistair MacGregor and Liberal Blair Herbert targeted

VIDEO: Drone footage documents work to free salmon at Big Bar landslide

Video shows crews working to remove rocks and wood, and transporting salmon by helicopter

Man who crushed Nanaimo RCMP cars with stolen truck gets more jail time

Majore Jackson, 34, sentenced to two more years in jail in provincial court in Nanaimo

Defense says burden of proof not met in double murder case against Victoria father

Closing statements begin in trial for man accused of killing daughters Christmas 2017

B.C. dog breeder banned again after 46 dogs seized

The SPCA seized the animals from Terry Baker, 66, in February 2018

Surrey mom allegedly paid $400,000 for son in U.S. college bribery scam

Xiaoning Sui, 48, was arrested in Spain on Monday night

Three dogs found shot dead in Prince George ditch

The three adult dogs appeared to be well cared for before being found with gunshot wounds, BC SPCA says

B.C. party bus company to be monitored after 40 intoxicated teens found onboard

Police received tip teens and young adults were drinking on party buses and limousines in Surrey

Rick Mercer calls out Conservative candidate in B.C. for fake meme

‘Not true. All fake. Please Stop,’ tweeted Rick Mercer in response

Bear killed in Kimberley after chasing girl, wreaking havoc on town

This particular brown-coloured bear has been the subject of many calls this summer; very food habituated, CO says

Most Read