Canadian Energy Weekly Round-Up: April 9, 2020
Here are the top news stories covering Canada’s energy landscape:
Supporting Canadian Energy During a Crisis: We Need Everyone
With millions of Canadians and Americans currently under stay-at-home orders, demand for transportation fuels has decreased drastically. Nonetheless, with limited capacity to hold large volumes of fuel at refineries, many large Canadian oil producers will soon begin to shut down. If producers begin to close, the effects could be felt far closer to home than previously anticipated:
“Canada’s energy industry serves us all — it heats our homes, it fuels the trucks that bring food to our tables and it’s relied upon to create critical medications in our cabinets. And right now, the industry is on the verge of a system-wide crisis.”
To ensure vital services remain available for residents across Canada and the United States, it’s crucial for the industry, government, and all stakeholders to collaborate and work proactively to minimize damage to energy infrastructures. Historically, the oil and natural gas industry has been a massive driver of Canada’s economy, and Canada will continue to benefit from this industry after stay-at-home orders subside and energy demand increases.
Canadian Energy Companies Help in the Fight Against COVID-19
As supplies for personal protection equipment become scarce in North America, Canada’s oil and gas sector is stepping up to provide PPE to underserved communities. Suncor Energy has sent tens of thousands of N95 masks to communities in Nunavut, the Northwest Territories, and the Yukon over the weekend.
“Canadian companies are answering the call to provide critical support to our health care workers, who are on the front lines of our country’s fight against COVID-19,” said Prime Minister Justin Trudeau in a press release.
Shell Canada shared that they are also donating 125,000 litres of isopropyl alcohol to be turned into hand sanitizer. In total, more than one million 12-oz bottles of sanitizer will be created for use by hospitals and healthcare systems.
Bank of Montreal: Let’s Consider Practical Solutions
During an annual shareholder meeting last week, Bank of Montreal CEO Darryl White expressed his continued support of the energy industry in light of the current economic challenges the industry is facing.
“We are engaging with our energy clients to navigate the transition overall to a lower carbon economy in a way that accounts for the socio-economic impacts and energy needs of today while addressing the needs of the planet for tomorrow,” White said.
Financial institutions remain committed to a viable, and successful energy sector during unprecedented times. Despite fluctuating oil prices and supply challenges, the Bank of Montreal has pledged to work with the oil and gas industry for the foreseeable future.
For more Canadian energy news and setting the record straight on the day’s top stories about the oil and natural gas industry, visit Canadian Energy Network.