The Financial Post reports in its Thursday, May 7, edition that Suncor Energy chief Rich Kruger said regulatory reform is needed to spur investment in Canada's oil patch, but said there is "growing recognition" among governments and Canadians of the sector's importance. The Post's Meghan Potkins writes that Mr. Kruger said Tuesday at Suncor's annual meeting: "The conversation is moving from whether Canada should more fully develop its resources to how Canada should do this. But it will take national resolve to grow and compete globally with fiscal and regulatory policies to attract capital growth." Mr. Kruger's remarks come as stronger oil prices -- triggered by war in the Middle East -- are lifting earnings across Canada's energy sector. It also comes as the industry is pushing back against federal regulations and carbon policies it says are making the sector uncompetitive. Suncor reported first quarter profit of $2.1-billion Tuesday, up about 24 per cent from the same period last year, driven by record refined fuel sales and higher oil prices. Suncor plans to return a significant portion of its windfall to shareholders by increasing monthly share buybacks by nearly 30 per cent, as announced in March.