Today Bloomberg’s Michael Bellusci wrote an article explaining that Canadian oil and gas companies are in deep trouble. Here is an excerpt:
Canada’s Energy Industry Faces ‘Extinction’ Without M&A, BMO Says
On the same day, Global News reported:
Feds to spend $280k to study why Canada’s oil and gas sector is falling behind
The federal government plans to spend up to $280,000 for a new study on Canada’s competitiveness in the oil and gas industry as investment lags and the United States offers new incentives for companies to move south…
In general terms the issue is that with low oil prices, oil companies see better places in the world to put their money than Canada. Oil & Gas “activists” will initially claim a victory here because they have had some impact on making it difficult to get Canadian Oil and Gas to both international and domestic markets.