Budget 2024

Tax and spend fiscal plan will inhibit growth

Michael Gullo warns that the proposed emissions cap on the oil and gas sector could be detrimental to Canada’s economy and competitiveness. His letter to Mr. John Moffet, Assistant Deputy Minister of the Environmental Protection Branch, was featured by multiple news outlets.  

“Our energy sector is a stalwart of the country’s economy. It accounts for more than 10 per cent of Canada’s GDP, drives our trading relationship with the United States, and props up real wages and household and retirement incomes.” 

“Imposing an emissions cap will likely force operators to involuntarily curtail their production.  This would effectively reduce the overall capacity of the most productive segment of Canada’s economy at a time when investment and growth is desperately needed.”