At this time the priority of Canada’s oil and natural gas industry is responding to the global pandemic. Companies are working to protect the health and well-being of employees while ensuring there is no disruption of energy supply to the public during this crisis.
At the same time, the combination of a global economic slowdown resulting from the COVID-19 virus and the dramatic drop in oil prices due to geopolitical actions by Russia and Saudi Arabia is having a devastating impact on Canada’s oil and natural gas sector. Even as the coronavirus pandemic continues to disrupt people’s lives and put others at risk around the world, Canadians need to start thinking about how we can recover from the economic crisis.
Tim McMillan president and CEO of the Canadian Association of Petroleum Producers (CAPP) notes that while the details still need to be worked out, he is encouraged by the federal and Alberta governments’ economic stimulus announcements to date.
“As one of Canada’s largest employers, we are working with both federal and provincial governments to find the most effective ways to create immediate opportunities for investment and employment to help the hundreds of thousands of Canadians who depend on the energy industry,” says McMillan. “In addition, maintaining the reliable supply of natural gas and oil to Canadians to heat their homes, operate their vehicles and provide the energy required for daily life is essential through this crisis.”
“A strong industry creates jobs for Canadians and generates much-needed revenues for government. The oil and natural gas industry is crucial to our country’s economic well-being and can help lead our recovery, as well as be the foundation for long-term resilience,” adds McMillan.