The oil price differential is largely due to Canada’s lack of transportation capacity and restricted market access.
The chiefs want the government to shelve two bills currently under Senate review—Bill C-69 and Bill C-48.
Ottawa imposed new regulatory hurdles that led to TransCanada scuttling its Energy East project.
Proposed legislation would radically revise the process of environmental assessment for major infrastructure projects including pipelines.
Despite the global recovery in energy prices, Canadian oil prices dropped to US$27.
Capital investment in Canada’s oil and natural gas in 2017 was down 44 per cent from 2014.
Oil price discount recently reached nearly 60 per cent.
Canadian oil producers will lose an estimated $15.8 billion this year in foregone revenues compared to other producers.
Investor concerns over uncertain regulatory enforcement have risen sharply since 2013.
Bill C-69 would overhaul the assessment process of major energy projects and add new criteria including “gender implications."