• Government funding for oil patch: Ottawa must act on energy sector’s problems, not just the symptoms: 12/18/2018

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    December 18, 2018
    Dear Bev,

    Today’s announcement by the federal government of 1.6 billion dollars to support Canada’s struggling oil and gas sector is a band-aid, not a cure for what ails Canada’s oil and gas sector.

    “The country’s struggle to get our energy products to global markets, where they can get a fair price, is the issue. It is a failure that hurts the entire country,” said President and CEO Hon. Perrin Beatty. “That pain will continue until we finally build much-needed pipelines. So, while today’s announcement is a welcome recognition of how serious the issue has become and will provide some relief, it is no substitute for a clear plan to get a pipeline built.”

    The economic impact of the discounted price Canada’s oil receives is well-documented. By some estimates, Canada’s economy loses approximately $80 million a day because we are beholden to one customer, the U.S., at a time when that country is increasingly energy self-sufficient. 

    “The country urgently needs to resolve this issue and it is going to take leadership at the federal level,” added Mr. Beatty. “That is why we continue to call on the federal government to articulate a plan for getting the Trans Mountain Expansion Project built. It is also why we continue to call for amendments to Bill C-69 which, if passed as currently written, would drive much-needed investment from Canada.”

    The Canadian Chamber has proposed a series of amendments to Bill C-69 and will continue advocate these vital changes to the proposed legislation.

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    Canadian Chamber of Commerce
    1700-275 Slater Street | Ottawa, ON | K1P 5H9 | 613.238.4000