CAPP Issues Statement on Economic Recovery
March 18, 2020 – Calgary, Alberta
“At this time industry’s priority is responding to the global pandemic and working to protect the health and well-being of employees while ensuring there is no disruption of energy supply to the public during this crisis.
The combination of a global economic slowdown resulting from the COVID-19 virus and the dramatic drop in oil prices due to geopolitical actions by Russia and Saudi Arabia is having a devastating impact on Canada’s oil and natural gas sector. Even as the coronavirus pandemic continues to disrupt people’s lives and put others at risk around the world, we need to start thinking about how we can recover from the economic crisis.
While the details still need to be developed, the Canadian Association of Petroleum Producers (CAPP) is encouraged by the federal and Alberta governments’ economic stimulus announcements to date. As one of Canada’s largest employers, we are working with both federal and provincial governments to find the most effective ways to create immediate opportunities for investment and employment to help the hundreds of thousands of Canadians who depend on the energy industry. In addition, maintaining the reliable supply of natural gas and oil to Canadians to heat their homes, operate their vehicles and provide the energy required for daily life is essential through this crisis.
A strong industry creates jobs for Canadians and generates much-needed revenues for government. The oil and natural gas industry is crucial to our country’s economic well-being and can help lead our recovery, as well as be the foundation for long-term resilience.”
-Tim McMillan, President & CEO