Canadian oil and gas stocks rose Monday following Prime Minister Justin Trudeau’s resignation, with the S&P/TSX energy index climbing nearly 2% before ending the day up 0.79%.
In Fort McMurray, the reaction was one of cautious optimism. “Trudeau’s policies made Canada’s oil and gas sector uncompetitive,” said Heather Exner-Pirot of the Business Council of Canada. “There’s hope Canada could finally be open for business.”
While Trudeau’s government invested in projects like the Trans Mountain pipeline expansion, his relationship with the energy sector was often strained. Many are now watching closely to see what’s next for Climate Minister Steven Guilbeault as Trudeau steps away.
