NDP victory creates uncertainty for Alberta's oilpatch
My message is that I look forward to working with everybody, with all job creators in Alberta. I have always been very committed to ensure that we maintain a competitive economic environment and investment environment.- Rachel Notley, AB Premier-Designate
Some comforting words there for Alberta's oil and gas industry from the province's premier-designate. But perhaps not enough to calm the markets.
Despite assurances that Rachel Notley and her NDP are on the same team as Calgary's resource execs, energy stocks have taken a hit on the TSX since the NDP's election victory this week. It could have something to do with a promise to raise the corporate tax rate, from 10 to 12 per cent. Or Rachel Notley's recent comments on oil and gas royalties.
I think its always a good time to review them. It may not be a good time to look at changing them. For years Albertans have been left at this process. We have the lowest royalties in the world and we have done nothing to encourage upgrading of our resources to encourage more stable long term jobs for Albertans.- Rachel Notley, AB Premier-Designate
We did reach out to Alberta's NDP. We wanted to know more about what kind of policies it has in mind for that cornerstone of the province's economy. We have not heard back.
- Brenda Kenny is the President and CEO of the Canadian Energy Pipeline Association.
- Jeff Gaulin is spokesperson for CAPP — the Canadian Association of Petroleum Producers.
- Martin Pelletier is a portfolio manager with TriVest Wealth Counsel Ltd.
Stephen Ewart keeps close tabs on the oil industry - Both what it says, and what it does. He is the Calgary Herald's energy columnist and he's also a former communications consultant for oil patch players Cenovus Energy and Encana. Stephen Ewart was the onetime communications manager for the Canadian Association of Petroleum Producers. He joined us from our Calgary studio.
This segment was produced by The Current's Lara O'Brien and Marc Apollonio.
Oil group says it can work with new Alberta NDP government - PostMedia News
Uncertainty in the oil patch hits energy stocks after Alberta win for NDP - The Globe & Mail
Ewart: Alberta elects NDP, let the fear and loathing begin - Calgary Herald