“I think if Canada shifted a little bit to the right and we had a Conservative government, it might lead to some strength coming through for the energy sector.”
According to David Doyle – economist for Macquarie Group North America – Canada’s energy sector could get an investment boost from a Conservative victory in the October election.
As reported by BNN Bloomberg, here’s what Doyle said:
“The current Liberal government is widely viewed as having not been the most favourable government for the energy sector. I think if Canada shifted a little bit to the right and we had a Conservative government, it might lead to some strength coming through for the energy sector. I think foreign investors in particular would start to look at the space more closely if you did end up with a Conservative government in October.”
He says investors have a negative outlook right now:
“We find people to be incredibly pessimistic about the outlook. Basically, the sector is being – for lack of a better term – left for dead.”
Doyle also said he felt that even a re-elected Liberal government would be more supportive of the sector due to the sector’s importance to Canada’s economy:
“I’m optimistic that even if you do end up with a Liberal government, you will end up with a more supportive backdrop for energy going forward.”
Personally however, I see that as very unlikely. The Trudeau Liberals have taken numerous steps that have hurt the Canadian energy industry, and there’s no reason to think that would change.
The reality is that the only way to ensure strong support for Canada’s energy sector is for the Liberals to be defeated.
Spencer Fernando
Photo – Twitter
