While Jim Prentice and his Progressive Conservative cadre lick their wounds after last night’s landslide victory by the New Democratic Party and leader Rachel Notley, punditry about the oil industry’s place in the transformed province is in full force.
Even before the results were in, Canadians were being warned new leadership in Canada’s oilpatch will mean very scary things for the economy: fleeing investors, abandoned projects, market uncertainty.
Now that the victory bells have rung, the hand-wringing has leveled up.
The NDP win is “completely devastating,” for the energy industry, Rafi Tahmazian, fund manager for Canoe Financial LP, told Bloomberg.
“The oil patch will pack up and leave,” Licia Corbella, editor of the Calgary Herald’s editorial page, tweeted. “Woe is us.”
Yet many other onlookers are saying fresh leadership in Alberta could bring long-overdue policy changes that not only benefit a broader cross-section of society, but industry itself, by remedying systemic imbalances that have granted an unhealthy amount of power to oil interests for far too long.