CALGARY, AB, Sept. 22, 2020 /CNW/ – The state of our country’s economy is the biggest issue of the day for Canadians, according to a new poll from IPSOS. The poll has 44 per cent of Canadians choosing the economy as the biggest priority for government, even putting it ahead of healthcare (chosen as the top issue by 36 per cent of those surveyed). All other issues fall far down the list of concerns.
When it comes to strategic direction, nearly two-thirds of Canadians (64 per cent) say that natural gas and oil need to be a part of Canada’s recovery and more than half (55 per cent) believe supporting jobs in Canadian natural gas and oil is more important than ever because we need it to kick start our economy.
The new data from IPSOS, which surveyed people across the country, demonstrates Canadians are widely supportive of growth and development for Canada’s natural gas and oil sector.
The Canadian Association of Petroleum Producers (CAPP) is encouraged to see strong support from Canadians and urges the federal government to show the same level of support for the natural gas and oil industry.
CAPP has just published its Vision for Canada’s Recovery report, which highlights the positive potential impact of the industry in creating jobs for Canadians and boosting the country’s economic recovery.
According to Statistics Canada, exports of crude oil, bitumen, natural gas and natural gas liquids generated more than $102 billion in 2019. Add in refined petroleum and the total rises to more than $112 billion — about 19 per cent of the revenue from all of Canada’s exports combined.
The industry supports half a million jobs across the country and a supply chain that reaches from coast to coast and contributes to economic growth and prosperity for thousands of businesses.
As Canadians look toward recovery, the natural gas and oil industry can play a vital role — not only to boost the national economy, but to promote further innovation and develop new technologies which can help the country reach environment and climate goals here and abroad.
Today, Canada is a clear leader in environmental, social and governance (ESG) performance. For example, Canada’s offshore oil production is among the least carbon-intensive in the world, with 30 per cent lower emissions per barrel than the global average.
The country’s leadership in innovation and environmental performance can be a competitive advantage when marketing Canada’s energy sector on the world stage, and a key component of drawing investment back to a responsibly-operated and stable energy industry.
CAPP quotes Tim McMillan, president and CEO:
“Government policy must be considered in the context of a strong economic recovery plan. It’s time to signal to the international community that Canada is a good place to do business and market our strengths to attract investment back to our industries.”
“Economic recovery is top of mind for Canadians, and we are encouraged to see the support across the country for a strong natural gas and oil industry. A growing industry will create much-needed jobs for Canadians and revenues for governments. Bringing investment back to the industry will also support continued development of new technologies which improve our environmental performance, reduce emissions and further our climate goals.”
Supporting information:
The supply chain of oil sands producers alone is associated with close to 10,000 businesses across the country.
The offshore oil and natural gas industry makes up one-quarter of Newfoundland and Labrador’s GDP and 41 percent of exports. Approximately 600 supply and service companies in Atlantic Canada rely on work associated with offshore development.
Ontario’s participation in the oil sands supply chain was valued at $1.89 billion in the two-year period from 2016-2017.
The natural gas and oil industry is Canada’s largest investor in clean technology and environmental protection, spending about $3.5 billion annually.
From 2017 to 2019, a period with struggling commodity prices, Canada’s natural gas and oil sector still contributed over $8 billion annually to government revenues across the country.
The Canadian Association of Petroleum Producers (CAPP) represents companies, large and small, that explore for, develop and produce natural gas and oil throughout Canada. CAPP’s member companies produce about 80 per cent of Canada’s natural gas and oil. CAPP’s associate members provide a wide range of services that support the upstream oil and natural gas industry. Together CAPP’s members and associate members are an important part of a national industry with revenues from oil and natural gas production of about $109 billion a year. CAPP’s mission, on behalf of the Canadian upstream oil and natural gas industry, is to advocate for and enable economic competitiveness and safe, environmentally and socially responsible performance.
SOURCE Canadian Association of Petroleum Producers
For further information: Jay Averill, Manager of Media Relations, CAPP, (P) 403-267-1151, (C) 587-225-4534, [email protected]
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
