A clear consequence of elitist big-government regulation
There are many things the governments of Canada and Alberta can’t control. The U.S. shale oil sector is among them.
However, what they can control is whether they create an environment that supports workers and encourages investment in Canada’s oil industry, or whether they strangle that industry and hurt workers with destructive restrictions.
Clearly, Rachel Notley and Justin Trudeau have chosen the latter.
The consequences of that choice are becoming more and more clear, as it is becoming tougher and tougher for Canada’s oil industry to compete with the U.S.
As reported by BNN, Houston-based oil company Apache will be exiting Canada entirely, pulling all of their investment and putting it into the U.S. shale industry.
Apache’s holdings will be purchased Canadian oil company Paramount Resources. While I’m always glad to see Canada’s resources being owned by Canadians, Apache’s departure from Canada is not a good sign.
BNN notes the worry of John Baird – former Foreign Affairs Minister: “I think it is a concern that you see so many foreign players leaving the oil sands. That should cause us all a lot of concern.”
If Canadian companies were taking over more of the oil sands from a position of strength, that would be one thing. But the fact that so many companies are trying to get out of Canada speaks volumes about the policies our “leaders” have put in place.
It’s no surprise that there are growing doubts about investing in Canada. At both the federal level, and in Alberta (and B.C. soon), we are watching high-tax, high-spending governments that are simultaneously damaging the very industries they rely on for economic growth and tax revenue. Rather than making growth, good jobs, and investment the top priority, big-government politicians are constraining our economic opportunities all so they can gain favour with foreign global elites pushing the non-stop climate change rhetoric – despite the fact that Canada is already carbon-neutral.
Now, Canadian workers and the Canadian economy are paying the price as wages remain stagnant, growth remains weak, debt explodes, and our taxes keep going up.
Until those policies are changed to a low-tax, less regulation, limited-government approach, more and more people will question whether they want to invest in Canada.
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