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Commodity Pricing

Cabinet Minister Defends Government Funding for Oil Industry

Federal Natural Resources Minister Seamus O’Regan is defending the amount of funding provided to sustain the province’s oil industry through the global pandemic.

Ottawa pledged $320-million to support jobs, plus another $75-million to lower greenhouse gas emissions from crude production. The money is specifically for the offshore oil industry and can also be used for maintenance, upgrades, and environmental services.

Provincial Tory Leader Ches Crosbie has said the cash fell far short of what’s needed, saying the province needs billions in support, not millions.

O’Regan said he respectfully disagrees. He says the funding for this province is on par with amounts doled out to the other oil-producing provinces of Alberta and Saskatchewan, insisting $400-million is “a lot of money.”

Source: VOCM | This text was excerpted from the media outlet cited on November 12, 2020 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.