New U.S. tax rules and regulatory reforms are helping to lure capital investment away from Canada and to the United States, according to the Canadian Association of Petroleum Producers (CAPP), a leading industry association.
Tim McMillan, Chief Executive Officer of CAPP, said the sector is seeing companies, including Canadian firms, looking at allocating more capital dollars in the U.S. while investment in Canada is decreasing. In fact, Canada's top energy customer is now its leading energy competitor, he said.
"That's almost adding gasoline to a fire that's already burning," Mr. McMillan said of the recent U.S. tax reforms. "They are beating us on regulatory times. They are beating us on tax policy, on capital cost write offs. It is across the board."
Oil and Gas Investments Leaving Canada For U.S: Industry Group
Get this bit from the story:
“Though controversial, the U.S. administration has introduced regulatory reforms aimed at spurring more growth in industrial activity.”
Though controversial? This is journalist-speak for I don’t like these facts.
Tim McMillan, Chief Executive Officer of CAPP, said the sector is seeing companies, including Canadian firms, looking at allocating more capital dollars in the U.S. while investment in Canada is decreasing. In fact, Canada's top energy customer is now its leading energy competitor, he said.
"That's almost adding gasoline to a fire that's already burning," Mr. McMillan said of the recent U.S. tax reforms. "They are beating us on regulatory times. They are beating us on tax policy, on capital cost write offs. It is across the board."
Oil and Gas Investments Leaving Canada For U.S: Industry Group
Get this bit from the story:
“Though controversial, the U.S. administration has introduced regulatory reforms aimed at spurring more growth in industrial activity.”
Though controversial? This is journalist-speak for I don’t like these facts.
