• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 4 hours Sources confirm Trump to sign two new Executive orders.
  • 16 mins CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 10 hours Why Wind is pitiful for most regions on earth
  • 3 hours In a Nutshell...
  • 4 hours No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 20 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 8 hours A Real Reality Check on "Green Hydrogen"
  • 12 hours Why Oil could hit $100
  • 5 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 3 days Joe Biden to black radio host, "If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 21 mins Putin Paid Militants to Kill US Troops
  • 2 days Coronavirus hype biggest political hoax in history
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Alberta Lays Out Plan To Recover From Oil Price Collapse

Alberta's Conservative government is taking steps to jumpstart an economic recovery with a blueprint it released yesterday, which involves billions in infrastructure investment and a tax cut, among other measures.

Under the plan, the Jason Kenney government will reduce the general business tax rate from 10 percent to eight percent effective July 1 instead of January 1, 2022, when the tax cut was originally scheduled to go into effect. The government will also invest some $7.3 billion in infrastructure projects that will create jobs.

Some $1.1 billion (C$1.5 billion) will be spent on the Keystone XL pipeline, the Alberta government said, which will support the province's recovery and create 7,000 jobs. However, the completion of the pipeline is far from certain as opposition against the project in the U.S. continues to put hurdle after hurdle on its road to finalization.

At the moment, the federal government is awaiting a decision by the Supreme Court regarding a lawsuit that is blocking construction. Meanwhile, two tribes have filed a new lawsuit against the controversial pipeline, alleging it violates the national Environmental Policy Act.

The Alberta government is firmly behind the 830,000-bpd Keystone XL, however.

"Global oil and gas prices are estimated to return to a WTI benchmark of $60 per barrel within 12 to 18 months.

In that environment, Alberta's oil and gas sector is set to thrive, as long as we can build new pipelines to get our product to market. This is why we invested $1.5 billion to ensure Keystone XL broke ground this spring - creating 7,400 high-paying jobs in Canada this year alone," the government's economic recovery plan stated.

However, the energy aspect of the plan is not solely focused on oil. According to the blueprint, the Alberta government will also support investment in so-called blue hydrogen, utilizing its abundant reserves of natural gas to produce clean fuel. Carbon capture and storage is also an area of interest, as is the emerging technology of geothermal energy extraction.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Paul Smith on June 30 2020 said:
    A day after the UCP released their so-called economic plan, Alberta's credit was downgraded.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News