Canadian Prime Minister Justin Trudeau has announced his resignation. It's a pivotal moment for the oil-rich nation, with big implications for energy and climate change policy. Additionally, it’s a reminder of the huge size of Canadian oil production (averaging more than 6 million b/d in 2024, when counting total oil liquids).
The political upheaval in the world’s fourth-largest oil producer could have significant energy implications. Trudeau oversaw an increasingly stringent regulatory and environmental policy agenda, including a carbon tax and a proposed emissions cap for oil and gas operations, which drew the ire of the energy industry as well as Canada’s hydrocarbon-producing provinces, especially Alberta. The prime minister's resignation puts the long-term viability of the emissions cap in doubt and raises questions about the direction of Canada's energy and climate policy going forward.
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