The budget is expected to continue the history of Prime Minister Justin Trinto’s Liberal public spending in recent years, according to Bloomberg. Trinto has been pushing for new spending plans to cover budget deficits since he became Canada’s prime minister in 2015. New spending on social and climate programs will come from significantly higher federal government revenue in recent months due to high inflation and higher oil prices since 2014. Also as part of the budget, the federal government is expected to unveil a plan to reduce emissions that will affect the oil and gas industry in Alberta’s top oil-producing state. The budget is also expected to propose more investment to create jobs in the green energy sector, members of the federal government told CBC News. The Canadian federal government on Wednesday approved the proposed Bay du Nord development project, saying it “is unlikely to cause significant adverse environmental effects when mitigation measures are taken into account. The project, which is expected to cost about $ 12 billion, is led by Equinor and proposes the installation and operation of a floating offshore oil and gas plant at Flemish Pass, about 500 miles east of St. Petersburg. John’s, Newfoundland and Labrador, in the Atlantic Ocean. . Meanwhile, despite the fact that $ 100 oil is driving incentives to increase production in the Canadian province of Alberta, which produces crude oil, the increase in production is hampered by an issue that is well known in the US shale plasma – there are no enough skilled workers to be employed. During the 2020 pandemic-induced recession, industry lost many jobs and many of Alberta’s formerly oil and gas workers have now moved to other sectors of the economy in search of stability, which is rare and short-lived phenomenon in today’s oil market. By Tsvetana Paraskova for Oilprice.com More top readings from Oilprice.com:
