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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost $1.13 to $66.55 on the New York Merc, while Brent for May lost $1.07 to $69.88 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, up from a discount of $14.00. Natural gas for April added three cents to $4.11. The TSX energy index lost 2.04 points to close at 255.09.

Ottawa's proposed oil and gas emissions cap will curtail production, cause the loss of 54,400 jobs, and reduce real GDP by 0.39 per cent and nominal GDP by $20.5-billion in 2032. Those are the conclusions of the Parliamentary Budget Office (PBO) in a newly released impact assessment of the federal government's proposed regulations to cap greenhouse gas emissions from the oil and gas sector. The PBO determined that in order to achieve the legal upper bound of the cap, upstream oil and gas production would need to fall by 4.9 per cent over the first compliance period from 2030 to 2032 (although this would still be 11.1 per cent higher, on average, than current levels). This in turn would lead to the projected declines in employment and GDP.

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