{"id":824636,"date":"2025-02-05T11:12:06","date_gmt":"2025-02-05T17:12:06","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/05\/canadian-oil-stocks-climb-as-industry-absorbs-news-of-trudeau-resignation\/"},"modified":"2025-02-05T11:12:06","modified_gmt":"2025-02-05T17:12:06","slug":"canadian-oil-stocks-climb-as-industry-absorbs-news-of-trudeau-resignation","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/05\/canadian-oil-stocks-climb-as-industry-absorbs-news-of-trudeau-resignation\/","title":{"rendered":"Canadian oil stocks climb as industry absorbs news of Trudeau resignation"},"content":{"rendered":"<article aria-labelledby=\"articleTitle\" data-wcm-id=\"ee967492-f4e8-4471-8c4e-5fdef47d8ab4\">\n<header aria-label=\"Beginning of Article\">\n<div>\n<div>\n<div>\n<p>Author of the article:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"The Canadian Press\" src=\"https:\/\/secure.gravatar.com\/avatar\/14839288546443aae36a6e171a1127f2?s=70&#038;d=mp\"  aria-labelledby=\"wire-company-name\" height=\"70\" width=\"70\"><\/p>\n<div>\n<p>The Canadian Press<\/p>\n<p>Amanda Stephenson<\/p>\n<\/div>\n<\/div>\n<p><span>Published Jan 06, 2025<\/span> \u00a0\u2022\u00a0 <span>3 minute read<\/span><\/p>\n<\/div>\n<figure data-aqa=\"featured-image\"><picture><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=564&#038;h=423&#038;type=webp&#038;sig=ehYjN4Xcycr0ibjZhW4wFQ, \nhttps:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=1128&#038;h=846&#038;type=webp&#038;sig=llX5oXU1scS0MTJ4HKDjxg 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=564&#038;h=423&#038;type=jpg&#038;sig=kpIEZYM_aEm2nGRLQkiiSw, \nhttps:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=1128&#038;h=846&#038;type=jpg&#038;sig=TAhrJUvM2c0IV_jgDLnHqw 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=472&#038;h=354&#038;type=webp&#038;sig=5XE2L31Jlt-79EmeIJ39LA, \nhttps:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=944&#038;h=708&#038;type=webp&#038;sig=YEtgxSloYNPEdcm1Dq6P5g 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=472&#038;h=354&#038;type=jpg&#038;sig=6VApYiCG2n8QPLjIzbNxkA, \nhttps:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=944&#038;h=708&#038;type=jpg&#038;sig=jKo30YssFmrie8CFWYggig 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=288&#038;h=216&#038;type=webp&#038;sig=FfumOU2YXQ_P16M0X8s9Tg, \nhttps:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=576&#038;h=432&#038;type=webp&#038;sig=FLpJGYzXW3S2lWi3bhDI2g 2x\" type=\"image\/webp\"><img loading=\"lazy\" decoding=\"async\" alt=\"oil and gas\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=288&#038;h=216&#038;sig=oZvTORFNsGbPmvPvc3ljug\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=288&#038;h=216&#038;sig=oZvTORFNsGbPmvPvc3ljug,\n                    https:\/\/smartcdn.gprod.postmedia.digital\/edmontonjournal\/wp-content\/uploads\/2025\/01\/trudeau-energy-reax-20250106.jpg?quality=90&#038;strip=all&#038;w=576&#038;h=432&#038;sig=_TNtSfnooGApOc9ZDRT0WA 2x\" height=\"750\" width=\"1000\"><\/picture><figcaption><span>Canadian oil and gas stocks climbed Monday as the country&#8217;s energy sector absorbed the news of Prime Minister Justin Trudeau&#8217;s resignation. Pumpjacks draw out oil and gas from wells near Calgary on Monday, Sept. 18, 2023.<\/span> <span>Photo by Jeff McIntosh<\/span> \/<span>The Canadian Press<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section>\n<p>CALGARY \u2014 Canadian oil and gas stocks climbed Monday on the news of Prime Minister Justin Trudeau\u2019s resignation, but analysts say the country\u2019s energy sector will still be challenged by uncertainty in the months to come.<\/p>\n<p>As news of the Prime Minister\u2019s decision became public, some energy investors and traders took to social media to cheer the news. Canadian oil and gas stocks jumped to lead all other sectors in terms of gains Monday, with the S&#038;P\/TSX capped energy index climbing as much as two per cent in mid-day trading before settling to close up 0.79 per cent.<\/p>\n<\/section>\n<section data-aqa=\"identity-sign-in\" data-async id=\"article-block\">\n<header>\n<div>\n<p><img decoding=\"async\" alt=\"Edmonton Journal\" height=\"37\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/identity\/logo-identity-ej-new.svg\" width=\"280\"><\/p>\n<div>\n<p>THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY<\/p>\n<p>Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul>\n<li>Exclusive articles by David Staples, Keith Gerein and others, Oilers news from Cult of Hockey, Ask EJ Anything features, the Noon News Roundup and Under the Dome newsletters.<\/li>\n<li>Unlimited online access to Edmonton Journal and 15 news sites with one account.<\/li>\n<li>Edmonton Journal ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<li>Support local journalism.<\/li>\n<\/ul>\n<\/div>\n<div>\n<p>SUBSCRIBE TO UNLOCK MORE ARTICLES<\/p>\n<p>Subscribe now to read the latest news in your city and across Canada.<\/p>\n<ul>\n<li>Exclusive articles by David Staples, Keith Gerein and others, Oilers news from Cult of Hockey, Ask EJ Anything features, the Noon News Roundup and Under the Dome newsletters.<\/li>\n<li>Unlimited online access to Edmonton Journal and 15 news sites with one account.<\/li>\n<li>Edmonton Journal ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<li>Support local journalism.<\/li>\n<\/ul>\n<\/div>\n<div>\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p>Create an account or sign in to continue with your reading experience.<\/p>\n<ul>\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<div>\n<p>THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n<p>Create an account or sign in to continue with your reading experience.<\/p>\n<ul>\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div data-auth-component id=\"auth-screen-form\" aria-live=\"assertive\">\n<h2>Sign In or Create an Account<\/h2>\n<p><span><\/span><span>or<\/span><span><\/span><\/p>\n<\/div>\n<\/section>\n<section>\n<p>Article content<\/p>\n<p>Oil and gas industry groups declined to comment in the immediate wake of Trudeau\u2019s announcement, but Heather Exner-Pirot \u2014 a special advisor on energy to the Business Council of Canada \u2014 said she believes the overriding feeling in the oilpatch Monday was one of \u201crelief.\u201d<\/p>\n<p>Canada\u2019s oil and gas sector has had a rocky relationship with Trudeau\u2019s government over the past decade, Exner-Pirot said, and many of the policies brought in under his leadership have been viewed as being outright hostile to oil and gas development.<\/p>\n<p>\u201cThe Liberal government (under Prime Minister Trudeau) has made Canada\u2019s oil and gas sector uncompetitive,\u201d she said.<\/p>\n<p>\u201cSo there is some optimism now that Canada will finally be a place that\u2019s open for business.\u201d<\/p>\n<p>The federal government under his leadership made a major investment in the oil and gas sector through its purchase of the Trans Mountain pipeline in 2018. As owner of the project, the federal government also completed a multi-billion-dollar expansion of the pipeline which has allowed Canadian oil production and exports to climb to new heights.<\/p>\n<\/section>\n<div aria-labelledby=\"EdmontonJournalHeadlineNews6179213015139682068883664606855168\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component data-target-list=\"EJ_HeadlineNews\" data-widget=\"newsletter\">\n<p>By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<section>\n<p>Article content<\/p>\n<\/section>\n<section>\n<p>Article content<\/p>\n<p>But the Liberal government\u2019s commitment to its climate goals also saw it introduce a host of policies that were hugely unpopular within the industry. These included the federal Impact Assessment Act (dubbed the \u201cNo More Pipelines Act\u201d by its detractors), the federal moratorium on oil tanker traffic off B.C.\u2019s northern coast and the recent anti-greenwashing legislation, which led a number of oil and gas companies to scrub their websites of content related to the environment.<\/p>\n<p>The Trudeau government\u2019s proposed oil and gas emissions cap, which has not yet been finalized, faces staunch opposition from both the industry as well as the oil-producing provinces of Alberta and Saskatchewan.<\/p>\n<p>The Business Council of Alberta, which represents many of the country\u2019s largest oil and gas producers, has called the proposed cap a \u201cdiscriminatory and divisive\u201d policy that could result in the province losing tens of thousands of jobs.<\/p>\n<p>Scott Crockatt, vice-president of communications with the Business Council of Alberta, said Monday the Prime Minister\u2019s resignation announcement means it is unlikely the \u201ceconomically damaging policy\u201d will come to fruition anytime soon.<\/p>\n<\/section>\n<section>\n<p>Article content<\/p>\n<p>\u201cI think this means that something like the oil and gas emissions cap is going to see no further development for at least (the first quarter) of this year, and \u2014 under what appears to be the most likely scenario \u2014 maybe not until after the next election,\u201d he said in an interview.<\/p>\n<p>But Crockatt said Trudeau\u2019s departure leaves significant uncertainty at a time when Canada cannot afford to be \u201crudderless.\u201d He said concerns remain about president-elect Trump\u2019s threatened tariffs against Canadian products, and businesses need to know the federal government is ready and able to negotiate on their behalf.<\/p>\n<p>\u201cThere are many businesses \u2014 especially in the energy sector who are doing deals today that will take effect after the Trump presidency begins,\u201d he said.<\/p>\n<p>\u201cAnd so it is\u2026 concerning that it\u2019s unclear what the next few months are going to look like, in terms of the Canada-U.S. relationship.\u201d<\/p>\n<p>It\u2019s also unclear what the future holds for some of the decarbonization projects that were proposed by the Canadian energy sector under a Trudeau government, Exner-Pirot said, including the high-profile Pathways Alliance carbon capture and storage project which would reduce emissions from oilsands production if built.<\/p>\n<\/section>\n<section>\n<p>Article content<\/p>\n<p>A spokeswoman for the Pathways Alliance group of oilsands companies, which have not yet made a final commitment to build the proposed $16.5-billion project, declined to comment Monday.<\/p>\n<p>But Exner-Pirot said under Trudeau\u2019s leadership, the federal Liberals rolled out a suite of incentives for carbon capture and storage. It\u2019s unclear whether the federal Conservatives under the leadership of Pierre Poilievre would provide the same level of support if they form the next government, she added.<\/p>\n<p>\u201cThey (the Conservatives) don\u2019t seem to be very keen on it. It doesn\u2019t sound like they would support what is needed to get that project over the hump in the time frame we\u2019re looking for,\u201d Exner-Pirot said.<\/p>\n<p>\u201cSo yes, I would say this is a threat to the Pathways Alliance.\u201d<\/p>\n<\/section>\n<section>\n<p>Article content<\/p>\n<\/section>\n<p><a href=\"https:\/\/edmontonjournal.com\/news\/politics\/canadian-oil-stocks-climb-as-industry-absorbs-news-of-trudeau-resignation\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Author of the article: The Canadian Press Amanda Stephenson Published Jan 06, 2025 \u00a0\u2022\u00a0 3 minute read Canadian oil and gas stocks climbed Monday as the country&#8217;s energy sector absorbed the news of Prime Minister Justin Trudeau&#8217;s resignation. Pumpjacks draw out oil and gas from wells near Calgary on Monday, Sept. 18, 2023. Photo by<\/p>\n","protected":false},"author":1,"featured_media":824637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22265,22243],"tags":[9997,5036],"class_list":{"0":"post-824636","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-canadian","8":"category-stocks","9":"tag-canadian","10":"tag-stocks"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/824636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=824636"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/824636\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/824637"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=824636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=824636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=824636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}