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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $1.28 to $79.83 on the New York Merc, while Brent for July added $1.12 to $84.22 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.30 to WTI, down from a discount of $14.90. Natural gas for June added eight cents to $2.59. The TSX energy index added 4.05 points to close at 300.65.

Supporting Canadian oil and gas will encourage "growth and prosperity," while restricting Canadian oil and gas will inflict "severe impacts," according to a new report commissioned by a Canadian oil and gas lobby group. The Canadian Association of Petroleum Producers (CAPP) asked S&P Global to carry out an "economic impact assessment" on a potential 40-per-cent emissions cap applied from 2030. (Ottawa released an oil and gas regulatory proposal in December that would cap 2030 emissions at 35 to 38 per cent below 2019 levels.) Unsurprisingly, the conclusion was dire, determining that the cap could cost Canada tens of thousands of jobs and $247-billion in GDP contributions by 2035.

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