Last night, it became official: Alberta, the largest producer of oil in Canada, ended the 40 year reign of the Progressive Conservatives in favor of the New Democratic Party (NDP), a democratic socialist party.
This could mean big changes in the energy sector, from oil patch to gas pump.
The Alberta NDP, under the leadership of new premier Rachel Notley, campaigned on a promise to review energy royalties. With the previous government known for charging royalties far below average, it’s likely a review will find an increase favorable for Albertans. And, as is the case, customers will be footing the bill and the energy lobby has already come out swinging.
From CBC:
Altacorp Capital, a Calgary investment bank that is partly owned by the provincial government, expressed a similar view in a report earlier this week, before the election.
The report pointed out that energy investors, especially those based outside of Canada, have lots of options when it comes to investing.
“Unfortunately, with Alberta possibly heading for a third royalty change in eight years now, we believe global investors will add a degree of caution with the province’s ability to maintain a stable investable environment.”
Other platform promises including raising corporate income tax rates from 10 to 12 percent, increasing the minimum wage to $15 per hour by 2018, more tax brackets and higher taxes for making over $125,000 per year, and a ban on corporate and union political donations.
Canada is the largest outside supplier of petroleum to the United States at 3.39 million barrels per day, 37 percent of gross imports, more than all OPEC countries combined in 2014.
[Image source: Rachel Notley Facebook Page]
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