Energy CEOs urge Canada to declare an "energy crisis."

A group of 14 CEOs from major energy companies in Canada has called on political leaders to declare an "energy crisis" in the country. They want the government to relax regulations on oil and gas production to help increase output. In a letter sent on March 19, the CEOs, representing the largest oil and gas companies and pipeline firms, propose several changes to boost investment in the sector. They argue that declaring the crisis will allow the government to use emergency powers to quickly change rules that currently hinder development. The CEOs reached out to Prime Minister Mark Carney and leaders of major political parties, including the Conservative Party, the NDP, and the Bloc Québécois. They suggest revising or scrapping certain laws, like the Impact Assessment Act and the oil tanker ban off British Columbia’s coast, which they say are slowing down projects. They also want a quicker approval process for major projects, aiming for decisions within six months of application. Additionally, they request loan guarantees for Indigenous communities to ensure they benefit from energy developments. The CEOs are urging the government to eliminate an emissions cap imposed last year as part of a cap-and-trade plan aimed at achieving net-zero emissions by 2050. They also want the carbon tax repealed, allowing provinces to set their own regulations. Carney recently announced a reduction of the consumer carbon tax to zero, which is part of a plan to encourage greener choices while holding large polluters accountable. Meanwhile, Conservative Leader Pierre Poilievre has vowed to eliminate the carbon tax for all. The letter highlights a growing public support for new energy infrastructure in Canada, especially as U.S. tariffs threaten exports. Currently, 97 percent of Canada’s crude oil is sent to the U.S., where a 10 percent tariff applies. The Canadian energy sector is looking for ways to reduce its dependence on U.S. markets by increasing trade with Asia and Europe.