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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $1.39 to $68.37 on the New York Merc, while Brent for May lost $1.19 to $71.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.80 to WTI, up from a discount of $12.00. Natural gas for April added 28 cents to $4.12. The TSX energy index tumbled 13.51 points to close at 249.47.

Oil prices took a dive as traders pondered whether tomorrow will bring a tidal wave of U.S. tariffs on Canada, Mexico and China, including a potential 10-per-cent tariff on Canadian energy. U.S. President Donald Trump has made these types of threats before, only to pare them back at the last minute, but he is giving every appearance of sticking to them this time.

With tariff Tuesday looming, Canada's oil patch looked to shore up the country's defences. Major lobby group CAPP (the Canadian Association of Petroleum Producers) has unveiled a plan whereby the federal government can "supercharge" Canada's energy potential. CAPP's ideas include streamlining approvals for pipelines and other infrastructure, getting out of the provinces' way on matters of provincial jurisdiction, looking for new international trade partners, and generally being a "champion" for the sector rather than a source of "growth-inhibiting legislation and jurisdictional overreach" -- in other words, same old, same old, but with some spiffy new graphics.

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