Kenney urges more energy sector support as WTI hits 21-year low
Alberta Premier Jason Kenney is calling for “significantly more action” to support the energy sector as demand for crude collapses amid the COVID-19 pandemic.
Kenney made his views known in a series of Twitter posts late Sunday that started with a screengrab of Western Canada Select (WCS) quoted at -$0.01 per barrel. The North American benchmark West Texas Intermediate, meanwhile, hit a 21-year low Monday.
The federal government announced a $2.45-billion aid package Friday in an effort to maintain thousands of jobs across the country’s energy sector. Kenney said that while he appreciates Ottawa’s pledge, “significantly more action is urgently needed to ensure a future for an enormous part of Canada’s economy.”
When asked what other measures were on the way for the sector in a BNN Bloomberg interview Friday, Finance Bill Morneau didn’t offer any details, but noted support for larger companies was “certainly on our agenda.”
In an interview with BNN Bloomberg on April 2, Kenney said the sector would need north of $20 billion as Canadian energy producers burn through cash and struggle to raise capital.