Chris Varcoe: The oilpatch hits a gusher — of angst — with the federal election campaign

You don’t have to drill very deep into the Canadian oilpatch psyche these days to hit a gusher — of anxiety.

The past five years have been an arduous time for the sector, with the plunge in commodity prices and loss of thousands of jobs as the industry restructured, accompanied by a shift of international investment to developments in the United States with shorter-cycle times. During the same period, an array of policy, regulatory and legal decisions have rippled across the sector.

The prospect of a minority government has grabbed the industry’s attention, raising questions about what it might mean to the future of TMX — both the Greens and NDP oppose the project, while the Tories and Liberals support it — or the approval of new LNG projects. The sense of many in the sector today is of an uncertain political direction, with energy investment and jobs on the line as Canada grapples with long-term issues such as decarbonization.

The debate is also overlooking the need to attract new capital into the country, so the industry can generate government revenues that can finance the many promises being made, he notes.

Source: Energy Industry News (energyindustrynews.net)

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