Since 2016, $34 BILLION of capital investment has left Canada in our oil and gas sector. Many of those investments are from companies that supported carbon taxes in our country and now have taken their investment dollars to the Permian play in the US where there will be no carbon price.
Some of major reasons for the exits from Canada? Policy anxiety over pipeline approvals to ports, operating costs, new regulations AND carbon taxes.
Policies matter. Canada is home to the third largest oil reserve in the world but we do not act like it. Government policy and carbon taxes risk jobs and investment in Canada.