“It’s mystifying to me why there still doesn’t seem to be action taken,” says Toronto-based portfolio manager Eric Nuttall.
The warnings over the disastrous situation facing the Canadian energy industry continue to escalate.
In a report by the Financial Post, Geoffrey Morgan brought attention to what investors and industry leaders are saying about the crisis.
For example, U.K. fund manager Susan Johns said in a letter to Trudeau, “Moving forward, I hope your government will start to recognize the numerous issues that are affecting Canada’s energy sector, and do everything in its power to support an industry which has benefited Canadian prosperity for a long period of time.”
She added that it’s “hard for me to watch such a vibrant industry being strangled by regulation, carbon taxes and the inability of producers to get their product to world markets.”
The CEO of Cenovus Energy pointed out that Canada has a serious competitiveness problem, especially with the U.S. making the regulatory process smoother for their energy industry.
And Toronto portfolio manager Eric Nuttall unleashed on the lack of action:
“It’s mystifying to me why there still doesn’t seem to be action taken. It’s borderline treasonous.”
Nuttall is absolutely right.
If it was any other industry, the Trudeau government would be doing everything to alleviate the crisis. But when the energy industry is in trouble, not only is Trudeau refusing to take simple actions that would improve the situation (de-regulation, approving more pipelines), he’s actively working against the industry.
Photo – YouTube