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

Lightning causes three wildfires east of Osoyoos

It is believed the fires started by a lightning storm

UPDATE: Second collision on Highway 1 west of Salmon Arm now clear

Emergency crews respond to motor-vehicle collision near Second Nations Road intersection

CSRD to seek public assent to borrow $1.77 million for park purchase

Formal opposition from 10 per cent of electors required to halt loan

Air ambulance called to Highway 1 crash near Tappen

The collision happened about 3:30 p.m. by James Road

Food trucks feed festivalgoers’ want for unique dining experience

Roots and Blues returns with variety of vendors, continues with recycle and compost program

Video: Crowd thrilled at S-Games in Sicamous

The celebration of two-wheeled transportation showed off daring athletes on all kinds of bikes.

Lightning causes three wildfires east of Osoyoos

It is believed the fires started by a lightning storm

Backhoe ‘burned to a crisp’ in South Okanagan

South Okanagan fire chief said the situation could have been a lot worse

Our history in pictures: The Ireland residence

According Salmon Arm Museum records, this image was taken in front of… Continue reading

VIDEO: Man found dead near B.C. teens’ truck could be linked to a double homicide

RCMP said they are looking for Kam McLeod, 19, and Bryer Schmegelsky, 18, of Port Alberni

Kelowna cab driver charged with sexual assault

RCMP received a report May 28 alleging a taxi passenger had been sexually assaulted by a cab driver

Letter: Make CSRD directors’ term limit subject to alternative approval process

Writer upset by regional district’s recent “money pit” proposals

Latest plan is to fly trapped fish by helicopter over Big Bar slide

Multi-pronged plan set in motion to freesalmon blocked by landslide in the Fraser River

Okanagan-based pop star Andrew Allen is back with a new band

Singer-songwriter Andrew Allen is bringing his new band home for a concert this Friday

Most Read