Alberta’s Energy Minister says it’s too early to celebrate an end of the oil slump but she was happy to see crude close above the 50 dollar U.S. mark yesterday – it’s highest close in 10 months.
It happened on the first day of the Global Petroleum Show in Calgary and that’s where Marg McCuaig-Boyd was speaking this morning.
“I’m being cautiously optimistic but the trend does seem to be going up so I think that’s pretty hopeful news for us. We can’t control that part, we’re still working to hit the ground running when prices do rebound, and I’m pretty excited I have to say.”
The recent rally in the price of oil is also providing for some cautious optimism among attendees at the Global Petroleum Show.
Meanwhile the minister says Alberta’s oil and gas industry will still be competitive with other provinces despite the adoption Tuesday of legislation that includes a multibillion-dollar carbon tax.
The tax is intended to reduce Alberta’s carbon footprint and give it more moral high ground when it makes pitches to other jurisdictions for greater resource infrastructure such as pipelines.
McCuaig-Boyd believes the debate over pipelines, such as the Trans Mountain expansion from Edmonton to Vancouver is evolving to become more about the merits of a project, and less about emotion.
The carbon tax, to take effect Jan. 1, is one element of Alberta’s climate-change strategy, and is expected to bring in $3 billion in 2017-18.