NEWS FROM THE FIELD
Federal Budget Fails
to Address Key Issues
Dragging Down the
Canadian Economy
The Government of Canada has acknowledged
the challenges facing Canada’s oil
and natural gas industry but has not taken
any action to resolve the underlying issues,
according to the Canadian Association of
Petroleum Producers.
Canada has lost billions of dollars in capital
investment and wage growth as a result
of a growing competitiveness gap facing the
oil and natural gas industry. As global energy
demand continues to grow, countries
other than Canada are addressing market
needs while our oil and natural gas remains
stranded. Market access constraints are
preventing Canada from getting our natural
resources to new markets, and the sector
continues to lose investment.
According to Statistics Canada, the
country is missing out on about $14 billion
in investment per year since the price crash
in 2014, equal to more than $55 billion in
lost investment.
The Bank of Canada expects capital
spending in the oil and natural gas sector
to fall by 12 per cent in 2019. By 2020, the
Bank of Canada expects the sector’s share
of Canadian capital spending will fall to 11
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per cent of the national total – down from
about 30 per cent in 2014.
Pipelines are crucial to closing the competitiveness
gap; without it, Canada cannot
claim a share of the global market. The
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