Due to Trump’s decision on the Paris accord, the oilpatch has lots of problems right now. The removing complaints from Google is now concerned about how Trump stated that the United States is pulling out of the Paris climate pact. U.S. oil shares were higher but so were the Canadian energy stocks once he pulled out of this climate pact.
Since Election Day back in November, there was little expectation of the U.S. imposing a carbon price of any kind under Trump’s presidency. This is because the Canadian energy sector has bigger thing to worry about. This isn’t the worst thing that has happened to the oilpatch this week. “It’s on the list of oilpatch problems, but it’s not at the top of the list’’ claims Martin Pelletier the TriVest Wealth Counsel. He explained that there needs to be an environment that is conductive to lowering the cost of oilsands development so that we can compete globally.
For the Canadian Association of Petroleum Producers they are not calling a roll back on our climate promises but are looking for relief elsewhere now. The U.S. is Canada’s largest competitor for oil and natural gas development they need to focus on a variety of issues that improve their competitive advantage they clam. They are continuing to focus on other things like tax reform and their international relations and the foundation of trade for their natural resources and their Aboriginal relations. They said that a tax break would be nice and they need to make those pipelines happen so they can sell oil to other countries now.
The climate action means that there will be an economic diversification now for Canadians. They are trying to have an economic transformation by growing our clean technology sectors, growing our technological solutions to produce natural resources in a cleaner and more environmentally friendly way.