On the same day Canada’s oil sector predicted sluggish production growth in the coming years, company CEOs issued a dire warning: Ottawa’s Bill C-69 threatens to choke off future industry expansion.
Across the sector, company executives unloaded Thursday on the proposed federal Impact Assessment Act, saying it will have dire repercussions on investment and constrain future production, along with jobs.
It’s a sign the industry has moved into open rebellion after the Trudeau government pushed ahead with Bill C-69 this week, while discarding most of industry’s proposed amendments that initially made it through the Senate.
“Should this bill go through in its current form, it will unfortunately cause us to step back and deeply consider any and all future major growth opportunities — it just will,” said Imperial Oil CEO Rich Kruger in an interview.
“When we see a policy like this, a bill like this, there is no balance in it. The proof will come over time, when parties quit investing.”
That’s blunt talk, but the gloves are off.
Birchcliff Energy CEO Jeff Tonken said the industry believes no new pipelines will be built under the bill.
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