Market Insights - June 2024

More Canadians Back Oil Industry Amid Rising Cost of Living, Pollster Reveals

Despite intense debate and criticism surrounding the oil and gas industry, Canadians’ support for the sector is growing stronger. Pollster Nik Nanos, speaking at the Global Energy Show in Calgary, revealed data indicating increasing public support, driven by concerns over affordability, jobs, and inflation.

“Canadians are practical. They understand the importance of the sector today and into the future,” Nanos explained, emphasizing the public’s effort to balance environmental goals with economic realities. This sentiment is backed by a Nanos Research poll for the University of Ottawa’s Positive Energy program, showing nearly three-quarters of Canadians view the oil and gas industry as vital to the economy, up from 65% in November 2020.

Survey respondents rated Canada’s handling of major energy projects poorly, giving a score of 5.5 out of 10 for approving new developments like pipelines and hydroelectric dams, and 5.4 for building future energy infrastructure. Nanos stressed the need for practical, honest communication from the government about the trade-offs involved in energy decisions.

Electric buses are no bargain says school district

Data analysis conducted by the Kyrene School District in Arizona showed that electric buses cost more than twice the price of propane-powered buses and are not as efficient. The analysis showed that electric school buses can only travel about a quarter of the distance before they need recharging. The costs to train staff how to fix them also is unknown. Read the full story. For more information, check out the CPA’s web page on auto propane and how it compares favourably with electric. 

CPA member AltaGas launches $1.35B propane export terminal

CPA member  AltaGas Ltd. and Royal Vopak NV (Vopak) have approved the construction of a $1.35 billion terminal at the Ridley Island Energy Export Facility (REEF). This large-scale liquefied petroleum gas and bulk liquids terminal will export energy products, such as propane, to Asia from British Columbia. 

Following a five-year environmental preparation and review process that involved extensive engagement with multiple stakeholders, including Indigenous rights holders and local communities. AltaGas says REEF will enhance Canada’s role as a growing global energy exporter, strengthen Canadian and Asia Pacific energy connectivity, and provide Canadian producers and aggregators with access to premium global markets for LPGs.