• 25 mins Syrian Rebels Relinquish Control Of Major Gas Field
  • 1 hour Schlumberger Warns Of Moderating Investment In North America
  • 2 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 5 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 6 hours New Video Game Targets Oil Infrastructure
  • 8 hours Shell Restarts Bonny Light Exports
  • 9 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 15 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 20 hours British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 1 day Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 7 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
Alt Text

Why Petrol Powered Cars Aren’t Going Anywhere

Internal combustion engines are still…

Alt Text

Kobe Steel Scandal Could Rattle Nuclear Industry

The scandal at Japan’s Kobe…

Alt Text

The Next Big Digital Disruption In Energy

Blockchain technology is transforming the…

Canadian Oil Industry On Edge Ahead Of Election Outcome

Canadian Oil Industry On Edge Ahead Of Election Outcome

The Conservatives in Canada could see a decade of rule come to an end this week, and although there is a lot of uncertainty about what that means for the oil and gas sector, it is clear that a new government would not be as friendly.

Canadians headed to the polls on October 19 to choose the next Prime Minister. Three parties are neck and neck, with the Liberals expected to squeeze out a slight advantage. Without a clear majority, Liberal Party leader Justin Trudeau will need to form a coalition. Related: Russia Could Gain A Stranglehold On This Market

Canadian Prime Minister Stephen Harper has been an ally of the oil and gas industry in Canada, representing a district in oil-rich Alberta. He has strongly supported drilling and the construction of pipelines, including heavily lobbying the U.S. government to approve Keystone XL.

However, in addition to his long tenure as Prime Minister, which has likely contributed to some fatigue among the electorate, Harper has also been undermined by the collapse in oil prices. With crude trading for less than half of what it was compared to the boom years, the Canadian economy fell into recession earlier this year. Related: Oil Market Showdown: Can Russia Outlast The Saudis?

Alberta, home of the vast oil sands, has been especially battered by the plunge in commodity prices. Major oil sands producers have dramatically scaled back investment and spending, and the shrinking flow of capital has reverberated throughout the economy. Canada’s manufacturing sector has declined in recent years, leaving the country with fewer options to pick up the slack.

All of this adds up to an electorate seeking change. And political change could rub salt in the wound for the oil and gas industry. A potential Liberal government, especially if they formed a coalition with the more leftist New Democrat Party, would, by all accounts, be less accommodating to resource extraction companies than the current government. Trudeau has already come out against the controversial Northern Gateway Pipeline that would allow oil sands producers in Alberta to export their product by reaching the Pacific Coast. Related: Downturn Hits Bottom But High Oil Storage Could Delay Recovery

At the same time, Trudeau has promised to run deficits in order to finance major infrastructure spending, which could cushion the blow to the economy from declines in spending by private industry.

But after ten years of a friendly government, oil and gas companies are about to enter a new political era, adding yet more uncertainty to an already tough period.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




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