Latest news with #ATBEconomics
Edmonton Journal
6 days ago
- Business
- Edmonton Journal
'We have to be bold': Saskatchewan, Alberta premiers on energy and restoring investor confidence
Article content Moe said he's 'cautiously optimistic,' a shift from pessimism during the past several years under former prime minister Justin Trudeau. 'There are some comments from this prime minister that I truly think we can get behind,' said Moe. Smith noted the importance of Alberta's exports to the U.S. and elsewhere. Oil from the province goes to 55 refineries in the U.S., 20 of which are 100 per cent reliant on Canadian oil. In addition, Alberta supplies almost 60 per cent of crude imports to the U.S. and more than 8.6 billion cubic feet of natural gas daily, according to Smith. According to ATB Economics, more than 88 per cent of Alberta's exports were to the U.S. last year, nearly the same as in 2023. For 2024, energy products accounted for 82 per cent of the province's exports to the U.S. 'Our province is already a cornerstone of North American energy security — whether (the) U.S. president will admit it or not, we are critical to the United States' supply,' said Smith.
Calgary Herald
7 days ago
- Business
- Calgary Herald
'We have to be bold': Saskatchewan, Alberta premiers on energy and restoring investor confidence
Alberta Premier Danielle Smith and Saskatchewan Premier Scott Moe are aiming for a joint front on energy, infrastructure and other issues. Article content Smith and Moe discussed national energy security and Prime Minister Mark Carney's notion of Canada becoming an 'energy superpower' during an event hosted by Enserva, an energy sector association, at the Calgary Telus Convention Centre on Monday. Article content Moe noted that he's 'cautiously optimistic' about the current situation, a shift from pessimism during the past several years under former Prime Minister Justin Trudeau. Article content Article content 'There are some comments from this prime minister that I truly think we can get behind,' said Moe, highlighting Carney's notion of Canada becoming a 'global energy superpower.' Article content Smith noted the importance of Alberta's exports south of the border and elsewhere. Oil from the province goes to 55 refineries in the U.S., 20 of which are 100 per cent reliant on Canadian oil. In addition, Alberta supplies almost 60 per cent of crude imports to the U.S. and more than 8.6 billion cubic feet of natural gas daily, according to Smith. Article content According to ATB Economics, over 88 per cent of Alberta's exports were to the U.S. last year, nearly the same as in 2023. For 2024, energy products also accounted for 82 per cent of the province's exports to the U.S. Article content Article content 'Our province is already a cornerstone of North American energy security, whether (the) U.S. president will admit it or not, we are critical to the United States' supply,' said Smith. Article content Regarding some from the U.S. taking about 'American energy dominance,' Moe said: 'You need to put the word north in front of your statement, because there is no American energy dominance if you're not going to have North American energy dominance, North American security.' Article content According to Moe, the opportunity is 'ripe' for Canada, and not shifting policies around energy would be the 'greatest missed opportunity that this nation has ever experienced.'
Calgary Herald
28-05-2025
- Business
- Calgary Herald
Varcoe: U.S. air travel demand 'has not recovered' yet from Canadians cancelling trips south, says WestJet CEO
Article content 'If I just look into how our next couple of months are booked, then I see sort of mid-to-high teens (percentage) less bookings than there were a year ago,' he said after the speech. Article content The phenomenon of Canadians opting not to travel to the U.S. has been showing up in cross-border travel statistics for several months. Article content The country's largest airline, Air Canada, reported earlier this month that it was seeing booking on transborder markets drop by low teens percentage points, on average, for the following six months. Article content In April, return trips by Canadians by air fell 20 per cent compared with the same month a year earlier, according to Statistics Canada preliminary figures. Article content Return trips by automobile plunged 35 per cent — the fourth straight month of year-over-year declines in both categories. Article content A research note by ATB Economics on Wednesday pointed out the number of Canadians returning from south of the border through the Calgary and Edmonton airports dropped 5.6 per cent during the first four months of 2025 from year-earlier levels. Article content Article content And it's not just Canadian flyers showing their displeasure with the trade war by shifting their travel patterns. Article content Through April, the number of Canadians returning from the U.S. by both air and road fell 22 per cent, and for Alberta, it decreased eight per cent from the same period last year, said ATB deputy chief economist Rob Roach. Article content The trade conflict will lead to more Albertans travelling to other countries outside the U.S., but it will also likely see more consumers taking vacations and spending their tourism dollars inside the country, Roach said in an interview. Article content 'I do think it's a temporary thing, but it will last and go (on) as long as the trade war is hot,' he said Wednesday. Article content 'They are still tariffs and we are one tweet away — or Truth Social post away — from this blowing up again. So, until there's a sense that things are back to normal, I think we'll see this reflected in the actual numbers.' Article content Article content Article content After Prime Minister Mark Carney met with Trump in Washington earlier this month, the annexation discussion subsided from the White House. Article content However, the U.S. president mentioned it again on social media Tuesday, saying Canada could join his country's Golden Dome defence system for $61 billion but it would cost 'ZERO DOLLARS if they become our cherished 51st state. They are considering our offer!' Article content How long could a travel boycott continue? Article content 'We do assume that at some point in time, there will be some kind of agreement, hopefully,' von Hoensbroech added. Article content 'What we have seen in the past in our industry is that whenever there's a change in demand pattern for political reasons, it's usually transitional, and long-term demand trends usually flow back.' Article content Susan Bell, a senior vice-president with consultancy Rystad Energy, said the decline in travel to the U.S. isn't just coming from Canada, but also from fewer travellers coming from other countries — and it's showing up in less jet fuel demand. Article content About 20 per cent of U.S. aviation fuel demand is typically tied to international flights. Article content
