The Financial Post reports in its Friday edition that Prime Minister Mark Carney's government is attempting to improve relations with the oil industry, but not in the way executives hoped. The Post's Reid Southwick writes that while industry leaders want an end to several Trudeau-era policies, including the "no more pipelines" bill, Mr. Carney is keeping those laws for now. Instead, he has granted himself and his cabinet the power to override these laws when evaluating major projects deemed in the national interest. Investors have become increasingly reluctant to back new oil and gas development, especially those projects that require big upfront investments and take years to build. University of Alberta economist Andrew Leach says, "Post 2015, when investments fell through the floor, everybody's looking for something to blame." Government regulations, he says, were an easy scapegoat. So far, Bill C-5 is Mr. Carney's signature piece of legislation. Having received royal assent in June, it marks a dramatic step away from the Trudeau-era approach to major projects and the oil patch. The Prime Minister is looking to capitalize on what he considers a moment of crisis to push through nation-building projects.
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