Released May 31, 2024 | SUGAR LAND
en
Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Albertans can look forward to a prosperous future where low-carbon initiatives have created a more diversified economy in the oil-rich province, its premier said.
Alberta Premier Danielle Smith is taking a victory lap of sorts, with this week marking the one-year anniversary of her re-election. Provincial data show consumer inflation moved lower for the second consecutive month to April, falling from 3.5% year-on-year to March to 3% annually in April.
"While lower prices for telephone services continued to be the most significant downward contributor, ongoing moderation in energy inflation also weighed on the (year-on-year) growth," the government said in a weekly update.
The employment outlook remains steady. With the fourth-largest deposits of crude oil in the world, meanwhile, Alberta relies heavily on those reserves for revenue, and investments in the overall industry are typically around $18 million (USD) annually.
Smith on Wednesday added her voice to a growing chorus expressing frustrating with plans from Prime Minister Justin Trudeau to increase the federal levy on carbon dioxide emissions, arguing it would add to costs for everyday consumers. Extending a reprieve on fuel taxes until the end of the year, she added, could offset some of that burden by saving Albertans more than $1.5 million this year.
Elsewhere, Smith said that, despite its oil riches, Alberta is establishing itself as a regional leader in emission reductions with incentives set aside for carbon capture, utilization and storage (CCUS).
"This will help Alberta thrive in a low-carbon future and create more jobs in our diversified economy," she said.
Smith is somewhat unpopular, however. Polling for CBC News finds less than a third of Albertans feel her government is doing well on health care, the cost of living and housing affordability. The increase in housing prices has been "sustained and significant," provincial data show.
The industry itself, meanwhile, says its emissions are lower. The Canadian Association of Petroleum Producers (CAPP), which has headquarters in Alberta, said emissions from oil and gas are down about 2% over the 10-year period ending in 2021, while production on an oil-equivalent basis grew by 37% over the same period.
Elsewhere, provincial data show Alberta plans to invest around $1 billion over the next 15 years to develop two large-scale carbon capture and storage (CCS) facilities, the Alberta Carbon Trunk Line and the Quest Project.
Touting progress on the energy transition, however, comes as the nation's energy sector is on the cusp of a sea change due to new export options. Right now, Canada is the top crude oil exporter to the United States by far, though the expansion of the Trans Mountain oil pipeline from Alberta to British Columbia opens up new markets for Canadian producers.
Canadian oil producer Suncor Energy Incorporated (NYSE:SU) (Calgary, Alberta) chartered the oil tanker Dubai Angel for the first cargoes from Trans Mountain. About 550,000 barrels of Canadian oil are bound for China.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Alberta Premier Danielle Smith is taking a victory lap of sorts, with this week marking the one-year anniversary of her re-election. Provincial data show consumer inflation moved lower for the second consecutive month to April, falling from 3.5% year-on-year to March to 3% annually in April.
"While lower prices for telephone services continued to be the most significant downward contributor, ongoing moderation in energy inflation also weighed on the (year-on-year) growth," the government said in a weekly update.
The employment outlook remains steady. With the fourth-largest deposits of crude oil in the world, meanwhile, Alberta relies heavily on those reserves for revenue, and investments in the overall industry are typically around $18 million (USD) annually.
Smith on Wednesday added her voice to a growing chorus expressing frustrating with plans from Prime Minister Justin Trudeau to increase the federal levy on carbon dioxide emissions, arguing it would add to costs for everyday consumers. Extending a reprieve on fuel taxes until the end of the year, she added, could offset some of that burden by saving Albertans more than $1.5 million this year.
Elsewhere, Smith said that, despite its oil riches, Alberta is establishing itself as a regional leader in emission reductions with incentives set aside for carbon capture, utilization and storage (CCUS).
"This will help Alberta thrive in a low-carbon future and create more jobs in our diversified economy," she said.
Smith is somewhat unpopular, however. Polling for CBC News finds less than a third of Albertans feel her government is doing well on health care, the cost of living and housing affordability. The increase in housing prices has been "sustained and significant," provincial data show.
The industry itself, meanwhile, says its emissions are lower. The Canadian Association of Petroleum Producers (CAPP), which has headquarters in Alberta, said emissions from oil and gas are down about 2% over the 10-year period ending in 2021, while production on an oil-equivalent basis grew by 37% over the same period.
Elsewhere, provincial data show Alberta plans to invest around $1 billion over the next 15 years to develop two large-scale carbon capture and storage (CCS) facilities, the Alberta Carbon Trunk Line and the Quest Project.
Touting progress on the energy transition, however, comes as the nation's energy sector is on the cusp of a sea change due to new export options. Right now, Canada is the top crude oil exporter to the United States by far, though the expansion of the Trans Mountain oil pipeline from Alberta to British Columbia opens up new markets for Canadian producers.
Canadian oil producer Suncor Energy Incorporated (NYSE:SU) (Calgary, Alberta) chartered the oil tanker Dubai Angel for the first cargoes from Trans Mountain. About 550,000 barrels of Canadian oil are bound for China.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
