After losing more than 400 points the day prior, Canada’s main stock index ended the day down just a few points today, as U.S. stock markets also declined.
Although it was Wall Street’s worst week in six months, it ended with less of a whimper than a bang as investors continued to consider the latest economic and interest rate estimates from the U.S. central bank.
The Dow Jones industrial average in New York fell 106.58 points to 33,963.84. The Nasdaq composite was down 12.18 points at 13,211.81 while the S&P 500 index was down 9.94 points at 4,320.06.
In spite of her reservations about the federal Liberal administration, Alberta Premier Danielle Smith said on Friday that she can cooperate with some cabinet ministers.
Because of his disagreements with the federal government’s environment minister, Steven Guilbeault, and the natural resources minister, Jonathan Wilkinson, Smith has expressed his displeasure with Ottawa’s climate change policies and its transition to a net-zero economy plan.
Guilbeault plans to publish proposed legislation to curb oil and petrol emissions this autumn and gradually drive them lower over time. Alberta claims that Ottawa’s goal of having the electrical system reach net zero by 2035 is unachievable.
Smith claims that neither the emissions cap nor the 2035 target will be followed by Alberta.
The premier stated that Wilkinson must respond for remarks he made earlier this week at the World Petroleum Congress in Calgary to attendees of the Global Business Forum in Banff, Alberta.
Smith added that when Wilkinson urged the industry to work diligently towards net-zero, he was essentially telling them to “pack it up, because the oil and gas industry is winding down.”
“You could just feel the energy leave the room and the investment dollars leave the room.”
Energy-producing provinces like Alberta, Saskatchewan, and Newfoundland and Labrador, according to Smith, can’t rely on the Trudeau administration to represent their interests at international gatherings.
Smith added, “We can’t afford to let them carry our message after hearing how the natural resources minister talks about our industry and after hearing how the federal environment minister talks about our industry.”
“We can’t afford to miss it,”
Smith stated that she has spoken with the premier of Saskatchewan, Scott Moe, and she plans to speak with the premier of Newfoundland and Labrador, Andrew Furey, regarding future collaborative appearances at conferences.
Smith noted it’s not all awful, despite her dissatisfaction with Wilkinson and Guilbeault.
She listed top allies including Finance Minister Chrystia Freeland.
Let’s give her credit for guiding the Trans Mountain pipeline to completion despite the ongoing need to provide more debt finance. That has not been simple, said Smith.
She also gave compliments to Ministers of Labour Seamus O’Regan, Minister of Public Safety Dominic LeBlanc, Minister of Innovation Francois-Philippe Champagne, and Minister of Employment Randy Boissonnault.
“I would suggest that the Liberal caucus is not entirely hostile. But for some reason, they’re letting Stephen Guilbeault act in a way that is disrespectful to those of us who are attempting to be rational and grownup about this,” Smith said.