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

Championship action kicks off tonight at Langley Events Centre

Giants prepare to do battle in Game 1 of the Western Conference finals Friday on home ice

PHOTOS: Langley RCMP volunteers ‘represent the best of our community’

Dozens were honoured Thursday night during the 27th annual Langley RCMP’s volunteer dinner

Langley MP describes most recent diagnosis as a ‘miracle’

Tory Member of Parliament Mark Warawa doesn’t have pancreatic cancer, but operable colon cancer

Aldergrove Easter event line-up for families staying local

Easter egg hunts in apple orchards, bouncy castles, facepainting, bunny-petting and more.

Young ukulele players wow Langley audience

The performance highlights several upcoming concerts.

VIDEO: Alberta man creates world’s biggest caricature

Dean Foster is trying to break the world record for a radio show contest

Parents of 13 who tortured children get life after hearing victims

One of their daughters fled their home and pleaded for help to a 911 operator

Crews battle Burnaby blaze; 2 people sent to hospital

Emergency Support Services helping residents displaced by fire

Flooding, climate change force Quebecers to rethink relationship with water

Compensation for victims of recurring floods limit to 50% of a home’s value, or a maximum of $100,000

Storms blast South, where tornadoes threaten several states

9.7 million people in the Carolinas and Virginia at a moderate risk of severe weather

Private cargo ship brings Easter feast to the space station

There are three Americans two Russians and one Canadian living on the space station

Notre Dame rector: “Computer glitch” possible fire culprit

The fire burned through the lattice of oak beams supporting the monument’s vaulted stone ceiling

Man driving wrong way on Highway 17 ‘seriously’ injured after crash: Surrey RCMP

Police say the driver hit a transport truck, then another car after merging from the off-ramp onto highway

Should B.C. lower speed limits on side roads to 30 km/h?

Vancouver city councillor wants to decrease speed limits along neighbourhood side roads

Most Read