Canada’s energy sector — and economy — stands at a “critical moment” in the face of a looming leadership transition and near-certain federal election this spring, according to the country’s largest oil industry advocacy group.According to Lisa Baiton, president and CEO of the Canadian Association of Petroleum Producers (CAPP), the energy sector is still able to become the driver of a reinvigorated Canadian economy despite a “decade of policy uncertainty” under the ruling Liberal government.In a statement to the Western Standard, she said, “the energy sector remains poised to play a foundational role in driving new investments, creating and supporting high-paying jobs, and providing a stable supply of affordable energy to Canadians and the world.”.With the world becoming more unpredictable with continuously shifting trading patterns, it will be incredibly important for our federal leaders to send the signal that Canada is ready to invite investment into our resource sector.Lisa Baiton.“The impending leadership transition creates uncertainty for businesses as they put their 2025 plans into action, but it also offers the opportunity for a new federal government to shift to a focus on growth.”Baiton said any new leader needs to solve the country’s productivity and competitiveness challenges while enhancing Canada’s geopolitical influence, especially with the U.S.Even though Canada remains the largest oil supplier to what is already the world’s largest oil producer, that unique relationship is being tested by threats of blanket tariffs — presumably including energy — by incoming President-elect Donald Trump.That means not only expanding new global markets, but enhancing existing ones including the U.S. under Trump.“With the world becoming more unpredictable with continuously shifting trading patterns, it will be incredibly important for our federal leaders to send the signal that Canada is ready to invite investment into our resource sector and grow our role as a secure supplier of energy to the world,” Baiton said..Despite punitive policies to cap emissions and place undue restrictions on Alberta’s oil and gas sector, Canada’s oil output continues to climb after hitting an all-time record in 2024. At more than 5 million barrels per day (bpd), Canada has surpassed Iran and is now the world’s fourth-largest producer behind the U.S., Saudi Arabia, and Russia.On Monday, Alberta Premier Danielle Smith reiterated her own personal goal of doubling that number to more than 10 million bpd, which would rank behind the US at 12 million bpd and ahead of Saudi at 9.5 million bpd — although the latter retains unused spare capacity of 1 million bpd that it uses to swing global oil prices at any given time.“The world needs more Alberta oil and gas, and we need to make sure Alberta is meeting those needs," Smith said after announcing a deal with Calgary-based Enbridge to boost storage and export capacity on existing pipelines on Monday."This will also allow us to play a role in supporting the United States in its energy security and affordability goals,” she added.
Canada’s energy sector — and economy — stands at a “critical moment” in the face of a looming leadership transition and near-certain federal election this spring, according to the country’s largest oil industry advocacy group.According to Lisa Baiton, president and CEO of the Canadian Association of Petroleum Producers (CAPP), the energy sector is still able to become the driver of a reinvigorated Canadian economy despite a “decade of policy uncertainty” under the ruling Liberal government.In a statement to the Western Standard, she said, “the energy sector remains poised to play a foundational role in driving new investments, creating and supporting high-paying jobs, and providing a stable supply of affordable energy to Canadians and the world.”.With the world becoming more unpredictable with continuously shifting trading patterns, it will be incredibly important for our federal leaders to send the signal that Canada is ready to invite investment into our resource sector.Lisa Baiton.“The impending leadership transition creates uncertainty for businesses as they put their 2025 plans into action, but it also offers the opportunity for a new federal government to shift to a focus on growth.”Baiton said any new leader needs to solve the country’s productivity and competitiveness challenges while enhancing Canada’s geopolitical influence, especially with the U.S.Even though Canada remains the largest oil supplier to what is already the world’s largest oil producer, that unique relationship is being tested by threats of blanket tariffs — presumably including energy — by incoming President-elect Donald Trump.That means not only expanding new global markets, but enhancing existing ones including the U.S. under Trump.“With the world becoming more unpredictable with continuously shifting trading patterns, it will be incredibly important for our federal leaders to send the signal that Canada is ready to invite investment into our resource sector and grow our role as a secure supplier of energy to the world,” Baiton said..Despite punitive policies to cap emissions and place undue restrictions on Alberta’s oil and gas sector, Canada’s oil output continues to climb after hitting an all-time record in 2024. At more than 5 million barrels per day (bpd), Canada has surpassed Iran and is now the world’s fourth-largest producer behind the U.S., Saudi Arabia, and Russia.On Monday, Alberta Premier Danielle Smith reiterated her own personal goal of doubling that number to more than 10 million bpd, which would rank behind the US at 12 million bpd and ahead of Saudi at 9.5 million bpd — although the latter retains unused spare capacity of 1 million bpd that it uses to swing global oil prices at any given time.“The world needs more Alberta oil and gas, and we need to make sure Alberta is meeting those needs," Smith said after announcing a deal with Calgary-based Enbridge to boost storage and export capacity on existing pipelines on Monday."This will also allow us to play a role in supporting the United States in its energy security and affordability goals,” she added.
