CALGARY (660 NEWS) – With the Throne Speech just around the corner, leaders in the Canadian energy sector want the government to include the industry in its economic recovery plan.
The Canadian Association of Petroleum Producers (CAPP) said there won’t be an economic recovery in the country unless oil and gas is part of the plan.
“I think it’s an opportunity that we have to make a huge impact,” said President of CAPP, Tim McMillan. “As Canada’s largest investor in the economy, as our ability to bring capital back on, if we get the right policies in place, we can actually help pull Canada out of the recession we’re in a way that fewer few other sectors can.”
McMillan said if supportive policies are put in place, the sector can support an additional 120,000 new jobs.
“Canadians expect their government to make a priority out of the health crisis we are still in and out of the economy and the economic crisis that we’re most certainly in. Oil and gas can play a huge role in that, I think we must play a huge role in that.”
Earlier this month, Energy giant British Petroleum (BP) said the demand for oil won’t go over 100-million-barrels a day for several decades, leaving some to question the need to re-grow Canadian oil and gas.
CAPP has said that gives Canada a huge opportunity to try and pass supportive and efficient regulatory policies and try to become a larger supplier.
The organization recently released a report titled “A Vision for Canada’s Recovery” outlining the roles of oil producers and the government in keeping the industry growing.
It also highlighted the energy sector’s role when it came to initiatives over climate change stating the oil and gas industry commits over $1 billion to the clean energy projects.
CAPP also referenced a recent poll by IPSOS which surveyed Canadians on what the government’s priorities should be in the coming months.
The survey found 44 per cent of respondents believe the economy should be the government’s first priority ahead of others like health care.
Just over 60 per cent of survey takers said natural gas and oil need to be a part of Canada’s recovery and more than half (55 per cent) believe supporting jobs in the industry is more important than ever.
“Economic recovery is top of mind for Canadians, and we are encouraged to see the support across the country for a strong natural gas and oil industry,” said McMillan.
“A growing industry will create much-needed jobs for Canadians and revenues for governments. Bringing investment back to the industry will also support continued development of new technologies which improve our environmental performance, reduce emissions and further our climate goals.”
According to Statistics Canada, exports of crude oil, bitumen, natural gas and natural gas liquids generated more than $102 billion in 2019, nearly 19 per cent of the revenue from all of Canada’s exports combined.