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.