Federal Government Announces $1.65 Billion in Aid for Oil and Gas Industry
With the Alberta energy sector reeling from a supply glut and low crude prices, the federal government announced $1.5 billion in loans for the oil and gas sector. The government also provided $100 million in funding related to economic diversification and $50 million in funding for “clean growth” projects. Alberta Premier Rachel Notley was critical of the decision, saying “There’s very little money in this, it’s mostly loans. We didn’t ask for the opportunity to go further into debt… The issue is not finding a market for our product. This does not reflect the kind of responsiveness that we need to see.”