Whereas physical traders appear increasingly…
A significant development this week…
Following the re-election of the Liberals in Canada, the oil industry has asked the federal government to support domestic oil and gas production to ensure energy to the country with lower imports of fossil fuels from countries with lower environmental standards.
“Our ask of the federal government is to support Canadian prosperity by getting behind our own country’s resources and to trust Canadians to protect the environment rather than relying on other nations to supply the world’s need for natural gas and oil,” the Canadian Association of Petroleum Producers (CAPP) said in a statement today, after the Liberals led by
Prime Minister Justin Trudeau won a close election but failed to secure a majority in Parliament.
Trudeau’s Liberals pledged in their platform to cut emissions from the oil and gas sector, requiring oil and gas companies to set five-year targets starting in 2025 and reduce methane emissions by at least 75 percent below 2012 levels by 2030.
In April this year, Trudeau’s government raised the 2030 emission reduction target to 40-45 percent, reiterating a 2050 net-zero goal. The previous national target of emission reduction was a 30-percent cut below 2005 levels by 2030.
Commenting on the outcome of Monday’s election, CAPP said, “This election result reaffirms the uncertainty in Canada as we continue to struggle with public health and economic issues related to the COVID pandemic. The natural gas and oil industry is ready to continue our work with the federal government to rebuild our economy in a way that advances Indigenous reconciliation, achieves environmental goals and creates sustainable jobs and opportunities for all Canadians.”
“Canadian natural gas and oil are better sources of energy for the world and better for Canadians,” said the association, noting that “Every molecule of natural gas and barrel of oil not produced in Canada, will be produced by other nations that do not share Canadian environmental or human rights standards.”
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.