Premier Jason Kenney is asking for the Trudeau government to provide more support for the energy industry in Alberta as energy prices continue to fall, according to CTV News.
On Sunday night, Kenney took to Twitter after Western Canada Select started trading at negative prices. He blamed delays in pipeline construction as well as the coronavirus related economic shut down.
Western Canadian Select oil is now trading at negative prices.?
— Jason Kenney (@jkenney) April 20, 2020
Killing & delaying pipelines landlocked us.#Covid19 collapsed demand.
The Russian-Saudi price war surged supply, filling up inventories.
The future of hundreds of thousands of Canadian jobs is at stake. pic.twitter.com/n2pGHsh30E
On Friday, Prime Minister Justin Trudeau announced a $1.7 billion investment to help clean up inactive and orphan wells in Alberta, BC, and Saskatchewan. The money is meant to keep energy companies from going bankrupt and allow them to keep up with their environmental targets.
Kenney welcomed the investment but said it will not be enough.
“Significantly more action is urgently needed to ensure a future for an enormous part of Canada’s economy,” Kenney wrote. “A collapse of the Canadian energy sector would be economically devastating for the whole country, from banks, to pension funds, to manufacturers, to government revenues.”
Husky Energy, based in Calgary, announced a drop of $700 million in its spending as a response to the rough market conditions, on Monday.
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