United Conservative Party leader Jason Kenney addresses supporters in Calgary, Alta., Tuesday, April 16, 2019. (Jeff McIntosh/The Canadian Press)

Oil and gas sector applauds new Alberta premier’s many pro-business pledges

Canadian Association of Petroleum Producers offered congratulations to Jason Kenney

The Alberta oilpatch is applauding the provincial election win by Jason Kenney and his United Conservatives.

The Canadian Association of Petroleum Producers offered congratulations and welcomed the UCP’s commitment to making regulatory, economic and fiscal policy reforms.

It says it endorsed UCP election promises to cut the corporate tax rate to eight per cent from 12 per cent, develop a natural gas strategy, reduce red tape and complete a review of the Alberta Energy Regulator within the first 180 days.

In a morning report, analysts at Desjardins Energy Research agreed the election results were a “positive development” for the oil and gas sector.

They add, however, that the province’s difficulty in moving oil to market due to a lack of pipeline capacity — blamed for steep discounts in western Canadian crude prices last fall — will remain a major thorn in the side of the new government.

The TSX capped energy index, which tracks oil and gas company stock prices, was up almost one per cent in early trading Wednesday morning, led by gains by many Canadian oil and gas producers including Suncor Energy Inc. and Imperial Oil Ltd. and a strengthening U.S. benchmark oil price.

CAPP points out that the UCP has also pledged to spend up to $30 million to combat misleading news reports about the industry, and to create a “war room” to examine foreign-funded anti-oil campaigns.

“CAPP is encouraged by premier-elect Jason Kenney’s commitment to the oil and natural gas industry and looks forward to working constructively with the UCP to ensure the province meets its energy goals,” it said.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

VIDEO: Saanich resident shocked when trespasser licks security camera, rummages through mail

‘I found the situation really bizarre,’ said the Gordon Head resident

BC Ferries crew member taken to hospital after getting struck by bow doors

Two sailings between Horseshoe Bay and Departure Bay were cancelled

Bulk or boxed candy? Trick-or-treat maps help Canadian families prepare for Halloween

Census Mapper uses 2016 census data to predict busiest neighbourhoods

Black Press Media celebrates women who are making a difference

Helping others is the cornerstone of the work Shannon Drew does in… Continue reading

Goldstream Food Bank on the search to fill Christmas Hampers with toys

Volunteers are looking for new toys for infants to 11-year-olds

VIDEO: Explosion, fire sends woman running from Saanich home

Heavy smoke in the area, crews on scene

Jack’s Devils beat Quinn’s Canucks 1-0 in NHL brother battle

New Jersey youngster scores first career goal against Vancouver

Two charged after owner’s wild ride through Kamloops in his stolen truck

Crystal Rae Dorrington, 37, and Derrick Ronald Pearson, 32, facing multiple charges

Judge orders credit union’s bank records for Kelowna social worker facing theft allegations

The man is accused of negligence, breach of contract, fraud and a conspiracy with Interior Savings

Leaders pour it on with rallies, boosts for candidates as campaign reaches peak

The federal election campaign has reached a crescendo

Allegations of racism lead to ministry investigation at Vancouver private school

St. George’s School was contacted over what the school describes as ‘deeply offensive behaviour online’

Not a political question: Thunberg calls for climate action in Alberta

Edmonton police estimated the size of the crowd at about 4,000

Zantac, the over-the-counter heartburn drug, pulled in Canada, U.S.

Health Canada also investigates possible carcinogen in some ranitidine drugs

B.C. public safety minister says cannabis edibles not in stores til January

Mike Farnworth says he wants regional issues considered when it comes to licensing

Most Read