Premier Rachel Notley has appointed a team to work with key energy leaders to find solutions for closing the historically high oil price gap that is robbing the Canadian economy of more than $80 million a day.
The price of our resources continues to be driven down thanks to Canada’s decades-long failure to build new pipelines, says Notley.
“We’re fighting for the Albertans who own these resources,” she says. “We’re sick of being forced to give them away for pennies on the dollar. Industry is still divided on solutions, so we’re bringing the right people together to bridge those divides and propose options to closing this price gap for the benefit of all Albertans.”
Three special envoys will work with energy sector experts and CEOs to develop short- and medium-term solutions for closing the price gap.
All available options will be on the table, adds the premier.
The three envoys are:
- Robert Skinner, University of Calgary School of Public Policy, who has worked extensively in government, industry and academia on energy issues and strategy;
- Brian Topp, former chief of staff to Premier Notley, who is a well-regarded consultant on public policy and has a long history as a negotiator; and
- Coleen Volk, Deputy Minister of Energy, well known to Alberta’s energy sector as government’s lead public servant on this file.
The envoys will begin their work immediately with industry to develop short- and medium-term solutions to close the oil price differential as much as possible with the tools available.
It’s estimated that the discount on Canadian oil caused by pipeline bottlenecks now costs producers and the Canadian economy as much as $84 million per day. This figure is calculated with methodology used by Scotiabank, and has been revised based on as high as a $45-per-barrel difference between WTI and WCS.
Alberta has launched a second phase of the nationwide Keep Canada Working campaign, with a real-time lost revenue counter illustrating just how much Canadians miss out on by keeping our energy resources landlocked. The counter will be displayed digitally at locations near Parliament Hill in Ottawa, supported by advertisements in various formats from coast to coast.
