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Tradition tells us that when our oil and gas industry is experiencing a boom, we feel the benefits right through our economy. In this sense, it is in every Albertan’s interest that our oil and gas sector remains competitive. Which is why you might have been alarmed to hear some political and industry figures claim in recent weeks that forthcoming federal regulations aimed at capping and cutting sector emissions will be tantamount to a forced production cut that would hurt the industry, and Alberta’s economic outlook. But look more deeply at the policy and the context, and you’ll find the opposite is true. We are actually talking about preparing our oil and gas sector for the future. The outlook for fossil fuel production everywhere is changing, as governments are taking their climate commitments seriously. Multiple credible agencies now forecast that the current pace of technology improvement and international climate action will result in demand for oil plateauing and declining by 2030. One example is the rapid decline in the cost of electric vehicles resulting in a swift uplift in people making the switch. According to the International Energy Agency, EVs represented just over two per cent of vehicle sales […]
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