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CALGARY The deep freeze that swept across North America last month will provide a bumper year for Canada’s largest natural gas producer Tourmaline Oil Corp., a stock-market darling, that believes the outlook for gas is improving even in warmer weather.
Tourmaline took advantage of the Polar Vortex in February, which blew Arctic weather across Texas and other southern U.S. states, by selling huge volumes of natural gas it had stored near San Francisco and Toronto to earn what analysts termed a “windfall” in February.
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Things could be looking up for the oil and gas industry in 2021, according to the Petroleum Services Association of Canada’s 2021 Canadian Oilfield Services Activity Forecast. In its first update. . .
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Alberta is rolling out the latest rounds of funding under a $1-billion federal program to clean up inactive oil and gas wells across the province.
Energy Minister Sonya Savage said of the $400-million phase of funding, $100 million will go towards cleanup of sites on First Nations and Métis Settlements. The remaining $300 million will go to oilfield service companies working on behalf of oil and gas producers who paid for closure work over the past two years.
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Passive Income: 1 Easy Way to Make $850 Per Month in 2021
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The last time the world faced a crisis of a similar magnitude to the COVID-19 pandemic was in 2008-2009. Canada responded promptly to support workers and businesses in the wake of severe financial hardships. However, the emergency and recovery benefits are all temporary and relief for the short-term.
Many recipients of the various income support programs are saving instead of spending their pandemic money. According to Statistic Canada, the country’s household saving rate is growing. In Q3 2020, the rate was 14.6%, which is still high and comparable to the early 90s level.