The Damage Continues: Imperial Oil To Halt Project Expansions In Canada

Regulatory burdens for project approval cited as key reason.

Imperial Oil says they won’t be doing any more project expansion in Canada, as regulatory burdens make the approval process far too time consuming.

Their CEO says “I have lived and worked in a lot of places, and four-and-a-half years to get a project that has strong economics, pace-setting environmental performance, is inordinately long.”

This means even more investment lost for Canadians, and fewer jobs being created, part of a worsening trend.

As noted by the Fraser Institute “Statistics Canada estimates that capital investment in Canada’s oil and gas sector has declined by 44 per cent from 2014 to 2017.”

Furthermore, capital spending in the sector is expected to fall “by 12 per cent in 2018.”

A combination of anti-energy industry federal government policy from the Trudeau Liberals, and the policies being imposed by the BC and Alberta NDP are hurting the investment environment, with BC and Alberta ranked as “the least attractive provinces for investment in oil and gas exploration and development in Canada.” Plus, “Alberta’s tax regime was seen as a deterrent by more than 50 per cent of survey respondents,” according to the Fraser Institute’s global petroleum survey.

The damage being inflicted upon our economy, and our economic future continues without relenting. No amount of warnings is enough to convince the far-left ideologues of their failed policies, and that means only the voters can turn the tide against those bent on destroying our economy.

Spencer Fernando

16 comments Add yours
  1. Imperial Oil is a member of the Canadian Association of Petroleum Producers (CAPP) and Rich Kruger Chairman, President and CEO is a member of CAPP’s Board of Governors. According to CAPP, “Climate change is an important global issue, requiring action across industries and around the globe” and “GHGs from human activities are a significant contributor to climate change”. Cry me a river you appeasers!

    1. What world do you live in that doesn’t require oil and gas to survive! Take away communication, transportation and food from you and what do you have left to live with! Equipment is needed for agriculture (food) vehicles are needed for transport. Telephones for communication. How will people like you survive without oil and gas!

      1. They don’t have the common sense to understand that without commodities to sell or trade we have no economy. Manufacturing would cease to exsist, Farming would cease to exsist. Just what will the population consume? NO Fuel, NO Grain, NO Housing, NO Schooling,
        NO Heating, NO Planting, NO Defence, NO Policing, NO Construction, NO Hospitles, NO Trains, NO Airplanes, NO Travel, NO Government, And NO Policing. What Happens With NO Government? ANARCHY HAPPENS!!!!!

  2. Just going as planned by our PM, Justin Butts.
    But wait… there’s more. Apparently other industries/sectors in Canada are also not going to be investing in Canada or are giving warnings about how they think where Canada is headed. Today we have the Magna CEO making warning about the state of affairs in this country and before him was the CEO of Sun Life and then the CEOs of the banks along with a former head of the Bank of Canada, David Dodge. But Moneybags Morneau is not worried… it is all overblown he says. He ought to know as he is a captain of industry right. His (former) company provide HR services and pension advice to other companies and governments in Canada. I would not call them an industry but more like living off the earnings of other companies that do take chances and make investments in Canada. No way is he Bay Street more like Jarvis Street.

    1. Exactly and well put. Maurice Strong’s dream of deindustrialization coming true in one legislative term in Canada.

  3. The Trudeau government blueprint for limiting and then reducing investment in Canada’s resource industries, including petroleum, mining and nuclear energy, was spelled out clearly in two documents – the 2017 report of the panel on “modernizing” the National Energy Board and the following discussion paper on reforms to the environmental assessment and review process. Those documents indicated that, henceforth, reducing greenhouse gas emissions will be the over-riding objective of public policy, followed by the pursuit of “progressive” goals such as promoting feminism and reconciliation with indigenous groups (the latter meaning giving aboriginals far more power and funding). The media has begun to twig to the adverse effects on the Canadian economy, and its still does a poor job of tracking and explaining the long list of legislative and regulatory measures now in the early implementation stage that will discourage investment and development. The public still has not caught on. The manufacturing industries also have not really got the message. “You’re next.”

  4. No matter how good or gold plated the NAFTA can be, businesses and jobs will still leave Canada because of the dam high taxes regulatory rules.

  5. I so don’ t understand why our politicians are focused on destroying our country. We will not be better off by destroying investment in development. We will become a Have Not Country looking for support of other nations similar to what is going on in Parts of SA. .

    First Nations against development and people relying on Social welfare better wake up because the money will dry up. Governments can only run deficits so long and banks will start charging rates that they will not be able to maintain.

  6. If Canada’s oil and gas was in Quebec there’d be pipelines going everywhere. Of course, if that was the case, Quebec wouldn’t be part of Canada because they’d be so rich they wouldn’t need transfer payments.

  7. Spencer, what is the end goal for the Liberals. Is it “Canadians don’t deserve prosperity, peace and wealth, it isn’t fair, so lets make Canada poor.” What is the goal? What does Trudeau visualize for the future he wants for Canada? Or is it just Liberal corruption?

  8. Very sad news. B.C. is doing way too much damage to this country at the moment. I know Horgan doesn’t think one project can kill an economy, but given how public this issue has gone world wide, this needs to go through. All of our energy sector is looking to pull the plug here.

    1. Thank you Trudeau! Thank you environmentalists! Thank you Liberals! Thank you First Nations!

      Texas thanks you all for all your help!

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