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  • Roger S. Conrad

Cashing in on Canada’s Budding Energy Renaissance

By Roger S. Conrad on Sep. 17, 2021

Next month marks the 15-year anniversary of the so-called “Halloween Massacre”—when Canada’s then Prime Minister Stephen Harper reversed a pledge not to tax income trusts, and brought the investment boom to an abrupt end.

At the time, Canada’s oil patch was flying high. The combination of surging oil and gas prices combined with the popularity of trusts’ high dividend model had triggered a funding bonanza for producers. And the result was an unprecedented wave of energy development for both conventional oil and gas and especially oil sands.

Ending income trust IPOs and ordering corporate conversions of most of the rest by January 1, 2011 didn’t end Canada’s energy boom right away. The drop in oil prices from nearly $150 a barrel to barely $30 in second half 2008, however, triggered a massive shakeout from which many never recovered.

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    • Elliott H. Gue

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Roger S. Conrad

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor