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Status: Received royal assent on June 17, 2021
Ministry responsible: Energy
Bill 72, the Preserving Canada’s Economic Prosperity Act, would give the Minister of Energy the authority, if necessary, to restrict the export of crude oil and natural gas from Alberta.
This authority would protect the economic interests of Alberta and ensure we receive maximum value for our natural energy resources.
The act replaced a previous act with the same name and came into effect retroactively to May 1, 2021.
If passed, Bill 72 will give the government authority to require companies to obtain a licence before exporting natural gas and crude oil from Alberta via pipeline, rail or truck.
Export licences would be required for every company only if the energy minister determines it’s in the public interest.
Licences may be issued for lower amounts than what was previously being exported. Further details on the application process would be included in the forthcoming regulations, as necessary.
Imports of products into Alberta are not currently subject to any restrictions.
If passed, anyone who fails to comply with the act, its regulations or a term or condition of a licence may face fines up to:
- $10 million per day for companies
- $1 million per day for individuals
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