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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 63 cents to $70.08 on the New York Merc, while Brent for February lost 72 cents to $73.19 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.20 to WTI, down from a discount of $12.10. Natural gas for January added nine cents to $3.30. The TSX energy index lost 1.76 points to close at 260.60.

After yesterday's cabinet chaos, attention shifted to the details of Ottawa's 279-page fall economic statement, highlighted by a staggering $61.9-billion deficit (careening past a target of $40.1-billion). For the energy sector -- indeed, for Canadians at large -- there were relatively few specific proposals in the drama-riddled but ultimately vacuous tome. That it managed to be so empty of content despite clocking in at twice the length of last year's 141-page fall economic statement is almost as remarkable as the political upheaval that preceded its release.

Only a few items are worth a mention here. One that comes as no surprise, but is still welcome, is the continued rejection of eco-activists' demands for European-style windfall profit taxes on oil and gas producers. Also welcome is the extension of the accelerated investment initiative, providing tax breaks for investments in machinery and equipment. This was due to phase out from 2024 to 2027, but will now run until 2029 and start a four-year phase-out in 2030, at an estimated cost of $17.4-billion. Separately (and back in territory without timelines or dollar amounts), the government plans to build on recent amendments to the Impact Assessment Act (which already underwent some revisions after the Supreme Court deemed it unconstitutional last year). For example, when a project is provincially regulated -- as oil and gas projects are -- the federal review is to limit itself to areas of federal jurisdiction, in order to "reduce duplication ... thereby improving investor certainty and review timelines." The government also plans to set up an indigenous-focused "Crown consultation co-ordinator" to "improve efficiency and reduce consultation fatigue."

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