In Just 3 Years, Nearly $40 Billion Of Foreign Investment Has Left Canada’s Oil Industry

Could a Conservative government turn things around?

Nearly $40 billion in foreign investment is gone from Canada’s oil sector in just the past 3 years, according to a new report by BNN Bloomberg.

With foreign companies divesting themselves from Canada’s oil industry at an accelerating rate, it is a clear sign that the policies of the Trudeau government have been devastating to Canada’s energy industry.

As noted in the report, “The drumbeat of exits, rare for such a stable oil-producing country, adds an extra layer of gloom for an industry that accounts for about a fifth of Canada’s exports. The energy sector — centered around Alberta’s oil sands — has struggled to rebound since the 2014 crash in global oil prices, with capital spending declining for five straight years and job cuts pushing the province’s unemployment rate above 6%. Alberta is forecast to post the slowest growth of any region in Canada this year.”

And things are expected to get worse, not better:

“If they thought things were getting better in Canada, they might hold on, but they don’t see things getting better,” Laura Lau, who helps manage more than $2 billion (US$1.5 billion) at Brompton Corp. in Toronto, said in an interview. “The pipeline situation is getting worse; everything is getting worse.”

Take note of how the report says this is ‘rare for such a stable oil-producing country,’ which points to the fact that this isn’t some sort of co-ordinated global problem. This is a Canada problem, brought about because of the policies of the Trudeau government, who are sacrificing Canada’s oil industry at the altar of virtue-signalling and anti-growth dogma.

And if people are wondering whether a Conservative government could improve things, the answer appears to be ‘yes’:

“A potential catalyst for the sector could be the election of a Conservative government in Canada’s federal election in October, said Rafi Tahmazian, senior portfolio manager at Canoe Financial. That may change global investors’ perceptions about the support the industry would receive from the government.”

Of course, it’s not exactly a bad thing that more of Canada’s energy industry is owned by Canadians, but there’s only so far that can go until there aren’t even buyers in Canada willing to pick up assets in an industry that is being repeatedly kicked in the teeth by the feds.

Spencer Fernando

Photo – YouTube

***

Canada needs independent voices like Spencer Fernando now more than ever. If you want to support Spencer, you can contribute through PayPal at the link below:

5
Share Your Thoughts

avatar
5 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
5 Comment authors
Brian DouganMarianDonald O'KaneShawn Harrisjim Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
jim
Guest
jim

Kicking Rachel to the curb in AB was step one.

Plenty of room left next to Rachel for pm socks and his cast of clowns.

Shawn Harris
Guest
Shawn Harris

It can be pictured, Justin Trudeau holding a picture of his father and saying this one’s for you dad, I am going to finish the job you started, the complete destruction of the oil industry. After all, Trudeau’s often repeated claim that you can’t have pipelines without strong environmental regulations, was just a shield for Trudeau to destroy both our national economy and phase out the oil industry; it was never about the environment, except to be used to buy the votes of so called environmentalists. Which makes this election crucially important for the future of Canada and Canadians, if… Read more »

Donald O'Kane
Guest
Donald O'Kane

The 6% unemployment rate is much higher than reported. They aren’t taking into account all the workers are off the books and just doing whatever they can to survive. There were approximately 180,00 people put out of work over the last 4 years from the oilfield and related services due to Alberta and Federal governments policies. Where was Trudeau in protecting Canadians jobs in regards to Alberta? Trudeau and the Liberals really have to go so we can get everyone working again and bring back the investors that have abandoned Albertas oil field.

Marian
Guest
Marian

Time for Canadians to get off the Turnip Truck and seek the True Facts from Real no spin Journalists!

Brian Dougan
Guest

Smirking McKenna. Smug Trudeau. Destroying Canada’s energy industry? That’s putting it too lightly. They’re saboteurs. Complicit with their American masters. (Tides Foundation et al .)