Ottawa - In a press release received by Arab Canada News, the opposition Conservative Party stated that a new report from the Parliamentary Budget Office revealed that the cap policy imposed on energy production by Mark Carney and the Liberal government led by Justin Trudeau will reduce oil and gas production by 5%, costing the Canadian economy up to $20.5 billion annually, in addition to losing 54,400 full-time jobs by 2032.

It clarified that the energy sector in Canada is one of the cornerstones of the national economy, providing jobs for about a million people, ensuring stable income for their families, and contributing to supporting local communities. In 2022, the oil and gas sector alone contributed approximately $45 billion in revenues to the Canadian governments, which helped fund essential public services such as schools, hospitals, and infrastructure.

It added, however, that instead of boosting the economy and supporting workers in this vital sector, reports warn that the policies advocated by Mark Carney will severely damage the energy sector, leading to the loss of tens of thousands of jobs and increasing the cost of living for Canadians at a time of economic sensitivity.

It emphasized that the Trudeau Liberal government has long targeted workers in the oil and gas sector by adopting an anti-energy agenda. Mark Carney has previously stated his commitment to continue these policies, saying:

"The oil and gas sector in Canada produces more than a quarter of our emissions, and that is only in production and transportation processes, not in the actual use of oil and gas like vehicle fuel or home heating. We cannot achieve our ultimate goal of reaching net-zero emissions - which we must do to prevent worsening wildfires and climate disasters - unless we impose a cap on emissions and work to reduce them to zero."

It is noted that as the Chief Economic Advisor to the Trudeau government, Carney played a pivotal role in implementing the carbon tax and other policies that contributed to rising living costs and weakened the Canadian economy, as stated in the release.

It added that as Canada faces increasing economic challenges, including recent U.S. tariffs, Carney is sticking to the policy of "keeping resources in the ground," which limits Canada's opportunities to expand its energy production and secure new global markets.

In this context, the Conservatives, led by the party, affirmed their commitment to repeal Carney's energy production cap policy, along with other legislation against the development of natural resources.

The party confirmed that it will work to increase oil and gas production, build more pipelines, and convert revenues from monopolies into salaries for Canadians, always focusing on Canada's interests first.