Le Lézard
Classified in: Oil industry, Environment
Subjects: ENI, AVO, CFG

Clean Fuels Standard will increase household costs for Canadians: CAPP

CALGARY, Aug. 29, 2019 /CNW/ - The Government of Canada intends to increase costs to Canadian families and households with the introduction of the Clean Fuels Standard (CFS) ? new regulations that will impact consumers at home and at the pump, according to the Canadian Association of Petroleum Producers (CAPP).

Canadian Association of Petroleum Producers (CNW Group/Canadian Association of Petroleum Producers)

The federal government is proposing CFS regulations that would hike the cost of living for Canadians in all provinces paying for basic needs: heating their homes, getting to work, or buying their groceries. As a result of this poorly constructed regulation, everyday Canadians will end up paying up to 11 cents per litre at the gas pump and $1.88 per gigajoule, based on a study by the Canadian Energy Research Institute (CERI). This is in addition to the carbon tax.

Under the new regulations there is no protection for emissions-intensive, trade-exposed (EITE) industries, such as manufacturing and energy. Businesses could be forced to make additional cuts to operating expenses, decrease investment and capital spending, and potentially jobs. According to CERI, the CFS would add billions of dollars of costs to the Canadian economy, putting more stress on virtually every industry in the country.

Before moving forward with the CFS the government needs to conduct a proper cost-benefit analysis to fully understand how new regulations will hurt Canadians and industry.

The Canadian Association of Petroleum Producers quotes: Tim McMillan, president and CEO

Supporting Information:

The Canadian Association of Petroleum Producers (CAPP) represents companies, large and small, that explore for, develop and produce natural gas and oil throughout Canada. CAPP's member companies produce about 80 per cent of Canada's natural gas and oil. CAPP's associate members provide a wide range of services that support the upstream oil and natural gas industry. Together CAPP's members and associate members are an important part of a national industry with revenues from oil and natural gas production of about $101 billion a year. CAPP's mission, on behalf of the Canadian upstream oil and natural gas industry, is to advocate for and enable economic competitiveness and safe, environmentally and socially responsible performance.

SOURCE Canadian Association of Petroleum Producers

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News published on 29 august 2019 at 11:47 and distributed by: