The Trudeau government will announce a multi-billion dollar bailout of the oil industry next week, says a report.

The report, by the Globe and Mail, said the bailout will total $15 billion.

The sector can expect to get more access to credit, especially for struggling small and medium-sized operations, and significant funding to create jobs for laid-off workers to clean up abandoned oil and gas wells, the Globe reported.

In a speech to the legislature this week, Premier Jason Kenney said many oil companies had lost 90% of their value the last three weeks as a price war between Saudi Arabia and Russia that has sent oil prices to historic lows.

“We know that the oil and gas sector has been particularly affected, and specific help is needed. We’re looking at all options – including helping maintain jobs in the industry by enabling workers to put their skills to use remediating the environmental liabilities associated with orphan wells,” Natural Resources Minister Seamus O’Regan’s communications director, Carlene Variyan, said in a statement to the Globe.

… more to come

Dave Naylor is the News Editor of the Western Standard

Twitter: Nobby7694

News Editor & Calgary Bureau Chief

Dave Naylor is News Editor & Calgary Bureau Chief of the Western Standard based in the Calgary Headquarters. He served as City Editor of the Calgary Sun & covered Alberta news for nearly 40 years.

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