April 17, 2020

Trudeau announces $2.45B in aid for oil and gas sector, $1.7B to clean up wells

Featuring Rachel Ziemba

Source: Yahoo! Finance

Journalist Jeff Lagerquist

Prime Minister Justin Trudeau has announced new aid for Canada’s battered oil and gas sector, responding to pleas for help as commodity prices fell to record lows and demand disappeared due to COVID-19.

Speaking at his daily news briefing in front of Rideau Cottage, Trudeau said Ottawa would spend $1.7 billion on cleaning up abandoned oil and gas wells in Alberta, Saskatchewan and British Columbia. He also announced a $750 million Emission Reductions Fund, including $75 million to help the offshore oil industry.

The measures are expected to help the sector maintain roughly 10,000 jobs across the country.

Read the full article and more in Yahoo! Finance.

Authors

  • Rachel Ziemba

    Adjunct Senior Fellow, Energy, Economics, & Security Program

    Rachel Ziemba is an Adjunct Senior Fellow at the Center for a New American Security (CNAS). Her research focuses on the interlinkages between economics, finance and security i...