Didn’t see that coming, did you, Justin Trudeau and Catherine McKenna? Canadian energy: Volatile, but worth it Here’s the reality that some “elbows up” Liberal or NDP voters will ever admit. If the oil industry stops, Canada stops. Simple as that. The Canadian energy industry accounted for almost 10% of gross domestic product last year, directly employing 332,800 people and indirectly supporting 432,000 jobs, to say nothing of the infrastructure it helps provide and pay for in Central and Eastern Canada. But there’s a trade-off.
Canadian oil and gas stocks typically don’t trade at the premium that their American counterparts do for a couple of reasons. Canadian crude known as Western Canada select (WCS) is heavier and more difficult to refine than oil from other countries. Oil-rich Alberta also has limited access to global markets. Investors saw the Trudeau Liberal government as virulently hostile to development, keeping money away, but such attitudes are changing. The industry has always been, and continues to be, extremely politically charged. Combined with the geopolitical
situation, it all has an impact on stock prices.
Canada oil and gas, Western Canada select WCS, Trudeau Liberal government, Catherine McKenna, Alberta market access, gross domestic product, jobs, stock prices, geopolitics
Stocks up already??
So basically Canada’s oil industry is like “if it stops, we all stop”? I get it but I feel like they leave out the whole climate thing. Also Trudeau still somehow gets blamed for everything so I’m just waiting for that to flip.
I don’t even know who Catherine McKenna is but if the politics shifts then the market reacts, yeah. Heavy crude is harder to refine, okay, but shouldn’t that make it WORSE not better? Maybe Americans are buying it cheaper or something. Either way I’m skeptical it’s not just oil prices doing oil price stuff.
Elbows up Liberal or NDP voters, huh. Sounds like a personal jab more than analysis. Didn’t Canada already “ban” stuff with pipelines and all that? So now they’re acting surprised stocks surged like it wasn’t obvious when they finally stopped blocking everything? Also 10% GDP and hundreds of thousands of jobs… seems like they could’ve said this years ago. Just feels like the same politics, different headline.