1、Canada-US Energy Sector Competitiveness Survey 2023Julio Meja and Elmira Aliakbari2024Canada-US Energy Sector Competitiveness Survey 2023By Julio Meja and Elmira AliakbariJANUARY 2024 FRASER INSTITUTE2 fraserinstitute.orgfraserinstitute.org 3EXECUTIVE SUMMARY This report presents the results of the

2、Fraser Institutes 2023 Canada-US Energy Sector Competi-tiveness Survey regarding barriers to investment in oil and gas exploration and production facili-ties in each country.The survey responses have been tallied to rank Canadian and American jurisdic-tions according to the extent of such barriers.T

3、hose barriers,as assessed by the survey respondents,include high tax rates,costly regulatory obligations,uncertainty over environmental regulations,and the interpretation and administration of regulations governing the“upstream”petroleum industry,as well as concerns over political stability and secu

4、rity of personnel and equipment.This years survey of senior executives in the upstream oil and gas sector uses a methodology consis-tent with the one used in previous editions of the Global Petroleum Survey and the Canada-US Energy Sector Competitiveness Survey.A total of 165 respondents participate

5、d in this years survey,provid-ing sufficient data to evaluate four Canadian provinces and 13 American jurisdictions.Jurisdictions evaluated are assigned scores on each of 16 factors known to affect investment deci-sions.These scores are then used to generate a“Policy Perception Index”for each jurisd

6、iction that reflects the perceived extent of the barriers to investment.According to this years survey,for a second year in a row,Wyoming is the most attractive jurisdic-tion for oil and gas investment,followed by North Dakota(2nd)and Saskatchewan(3rd).Six other US jurisdictions also ranked in the t

7、op 10 this year:Oklahoma(4th),Kansas(5th),Texas(6th),US OffshoreGulf of Mexico(7th),Louisiana(8th)and Alaska(10th).Saskatchewans third-place ranking this year places makes it the highest-ranked Canadian province.Alberta improved a few spots over last year and climbed to 9th place.Newfoundland&Labrad

8、or received enough responses to be included this year;it ranks 14th.British Columbia(15th)was the worst performing Canadian jurisdiction,posing the greatest barriers to investment.Investors indicated that uncertainty concerning environmental regulations,regulatory duplication and inconsistencies,and

9、 disputed land claims were more concerning in Canadian provinces than in US states.In particular,100 percent of respondents for Newfoundland&Labrador,93 percent for British Columbia,50 percent for Alberta,and 29 percent for Saskatchewan indicated that uncer-tainty concerning environmental regulation

10、s was a deterrent for investment.In contrast,only 6 percent of respondents for Oklahoma,8 percent for Kansas,and 9 percent for North Dakota were deterred by this factor.Overall,on average,68 percent of respondents were deterred by the uncer-tainty concerning environmental regulations in Canada compa

11、red to 41 percent in the United States.On other regulatory factors,all the respondents for Newfoundland&Labrador,64 percent for Brit-ish Columbia,and 35 percent for Alberta pointed to regulatory duplications and inconsistencies as a deterrent for investment,whereas none of the respondents for Wyomin

12、g and Kansas,and only 14 percent of respondents for Texas,indicated this factor was an issue.On average,54 percent of respondents for Canada are deterred by regulatory duplications and inconsistencies compared to 34 percent for the United States.4 Canada-US Energy Sector Competitiveness Survey 2023

13、fraserinstitute.orgFinally,investors pointed to uncertainty concerning disputed land claims as a major deterrent to investment in Canada in comparison to the United States.Specifically,among all the regions cov-ered in the report,British Columbia and Newfoundland&Labrador stand out as the jurisdicti

14、ons where participants expressed the most significant concerns,with 83 percent and 57 percent of respondents,respectively,identifying this factor as a deterrent to investment.In contrast,none of the respondents for Pennsylvania or Kansas and only 8 percent of respondents for Texas expressed concerns

15、 over the uncertainty concerning disputed land claims.On average,45 percent of respon-dents were deterred by the uncertainty concerning disputed land claims in Canada compared to 25 percent in the United States.Our analysis of the 2023 survey results indicates that negative sentiment by the industry

16、s senior executives regarding key factors driving petroleum investment decisions continues to be higher for many Canadian provinces than for competing American jurisdictions.In fact,the US performs bet-ter than Canada in 13 out of the 16 policy factors.Those factors where Canada outperforms the US a

17、re the quality of the geological database,security,and the legal system.Canada-US Energy Sector Competitiveness Survey 2023 5fraserinstitute.orgINTRODUCTIONThe Canada-US Energy Sector Competitiveness Survey 2023 builds on the Fraser Institutes previ-ous work on energy sector competitiveness with the

18、 Canada-US Energy Sector Competitiveness Survey 2022(Mejia and Aliakbari,2022)the Canada-US Energy Sector Competitiveness Survey 2021(Yunis and Aliakbari,2021a),and the Global Petroleum Survey 2020(Yunis and Aliakbari,2021b).Thanks to the results from these surveys,we are able to better understand h

19、ow Canadian provinces,American states,and offshore regions perform in several policy areas.The Canada-US Energy Sector Competitiveness Survey 2023 continues to serve as a report card for policymakers;jurisdictions that can see that investors assess them as relatively unattractive can take the opport

20、unity to consider implementing comprehensive policy reforms or improvements in individual policy areas.A relatively recent report suggests that capital investment in Canada is falling relative to the United States and many other developed countries(Globerman and Emes,2021).In particular,the percent-

21、age of capital investment in Canadas oil and gas sector as a share of total capital investment has plummeted,from 28 percent in 2014 to 11 percent in 2023(Statistics Canada,2023).The Canada-US Energy Sector Competitiveness Survey 2023 highlights policies that are known to affect investment attractiv

22、eness,including taxes,regulations,infrastructure,and labor availabil-ity,among others.It also shows governments and policymakers which policy areas,according to investors,require improvement and in which regions.Our analysis offers a unique outlook at both the state of the investment climate for the

23、 petroleum industry in Canada and the United States,and how investor perceptions vary by region.This years survey also identifies potential reasons for declining investor perceptions of Canadas energy sector when compared to the United States.6 Canada-US Energy Sector Competitiveness Survey 2023 fra

24、serinstitute.orgSURVEY METHODOLOGYSample designThe questions sent to the senior executives for this 2023 survey of the upstream oil and gas sector are consistent with the survey questions used in previous editions of the Global Petroleum Survey and the Canada-US Energy Sector Competitiveness Surveys

25、 for 2021 and 2022.The survey is designed to identify provinces,states,and offshore regions with the greatest barriers to investment in oil and gas exploration and production.Jurisdictions that investors see as relatively unattractive may choose to use the surveys findings to consider comprehensive

26、policy reforms that could improve their position in the rankings,or they might consider implementing policies that would improve their standing in individual policy areas.Petroleum companies can also use the information to cor-roborate their own assessments and to identify jurisdictions where busine

27、ss conditions and the regulatory environment are most attractive for investment.The survey results are a useful source of information for academics interested in international competitiveness in the oil and gas sector,and the media,by providing independent evidence as to how particular jurisdictions

28、 compare.The survey was distributed to managers and executives in the“upstream”petroleum industry.This industry includes companies exploring for oil and gas,those producing crude oil from conventional and non-conventional sources(such as bitumen from oil sands and shale formations),and those produci

29、ng natural gas from both conventional sources and non-conventional sources,such as coal-bed methane and gas embedded in shale formations.It does not include companies that are refin-ing,upgrading,or processing crude oil,bitumen,and raw natural gas,or those that are involved in the transportation and

30、 marketing of petroleum products,unless such companies are also directly involved in the upstream.The names of potential respondents were taken from publicly available membership lists of trade associations and other sources.In addition,some industry associations and non-profit think tanks provided

31、contact information and helped to advertise the survey to their members.The survey was conducted from May 12,2023 to August 21,2023.A total of 165 individuals responded to the survey in 2023,which allowed for the inclusion of four Canadian provinces and 13 American jurisdictions in this years survey

32、 results.1As figure 1 illustrates,almost half of respondents were chairman,CEOs,presidents,or directors of their firms.A further 54 percent of respondents identified themselves as either managers or those holding a higher-level position.Figure 2 shows that 46 percent of the firms participating in th

33、e survey are engaged in the exploration and development of oil,almost 40 percent are engaged in the exploration and development of natural gas,over 38 percent are engaged in production of oil and/or natural gas,and over 36 percent provide expert advice and/or drilling services.Figure 3 shows the pri

34、ncipal focus of the petroleum exploration and development activities of com-panies whose managers or other representatives participated in the survey.The majority of these companies(64.5 percent)specialize at finding and developing conventional oil and gas reserves.Unconventional oil and natural gas

35、 exploration and development represented the focus of 35.5 per-cent of companies in 2023.1 We did not include in the results jurisdictions that received fewer than 5 responses.Canada-US Energy Sector Competitiveness Survey 2023 7fraserinstitute.orgCompany chairman,CEO,president,or director44.2%4.9%4

36、.9%9.2%24.5%Other 12.3%Company group,division,or unit managerCompany vice presidentCompany specialist/advisor(e.g.,landman,geologiest,economist,planner,or lawyer)Professional consultant,advisor,or negotiator providing services to companies in the petroleum industryFigure 1:The position survey respon

37、dents hold in their company,2023Senior executives from petroleum firms reported in this years survey that 15.6 percent of their upstream activity involves unconventional oil resources.The majority of these firms dedicated to unconventional oil resources(71.6 percent)focus on the recovery of oil from

38、 shale formations using hydraulic fracturing,5.3 percent is focused on oil sands bitumen,and 23.1 percent on other oil activ-ities,such as the exploration or development of oil from kerogen found in shale rock.Participants in the survey also reported that almost 20 percent of their upstream activity

39、 involves unconventional natural gas resources.The majority of this activity(65.3 percent)involves the recov-ery of natural gas from tight sand and shale formations using hydraulic fracturing.Twenty-one percent of petroleum firms responding to the survey reported other unconventional natural gas act

40、ivities(e.g.,related to gas hydrates)while 13.5 percent focused on coal-bed methane.Figure 2:Activities performed by firms of survey respondents,20230%5%10%15%20%25%30%35%40%45%50%Drilling services for petroleum explorationand development companiesOtherProvision of expert advice to petroleumexplorat

41、ion and development companiesProduction of oil and/or natural gasNatural gas exploration and developmentOil exploration and development9.9%19.9%36.6%38.5%39.8%46.0%8 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgConventional oil32.3%Oil from shale formations requiring hydrau

42、lic fracking,11.2%Oil sands bitumen3.6%Conventional natural gas32.3%,13.0%4.2%Other oil activities(e.g.exploration and development of kerogen)Other natural gas activities(e.g.in relation to gas hydrates)Coal-bed methane Natural gas from tight sand and shale formations using hydraulic fracking2.7%0.8

43、%Figure 3:Company focus in petroleum exploration and development business,as indicated by respondentsCanada-US Energy Sector Competitiveness Survey 2023 9fraserinstitute.orgSurvey questionnaireThe survey was designed to capture the opinions of managers and executives about the level of investment ba

44、rriers in jurisdictions with which they are familiar.Respondents were asked to indi-cate how each of the 16 factors listed below influence company decisions to invest in various juris-dictions.The factors were consistent with the previous versions of the Global Petroleum Survey and the Canada-US Ene

45、rgy Sector Competitiveness Surveys from 2021 and 2022.1.Fiscal termsincluding licenses,lease payments,royalties,other production taxes,and gross revenue charges,but not corporate and personal income taxes,capital gains taxes,or sales taxes.2.Taxation in generalthe tax burden including personal,corpo

46、rate,payroll,and capital taxes,and the complexity of tax compliance,but excluding petroleum exploration and production licenses and fees,land lease fees,and royalties and other charges directly targeting petroleum production.3.Environmental regulationsstability of regulations,consistency and timelin

47、ess of regulatory process,etc.4.Regulatory enforcementuncertainty regarding the administration,interpretation,stability,or enforcement of existing regulations.5.Cost of regulatory compliancerelated to filing permit applications,participating in hearings,etc.6.Protected areasuncertainty concerning wh

48、at areas can be protected as wilderness or parks,marine life preserves,or archaeological sites.7.Trade barrierstariff and non-tariff barriers to trade and restrictions on profit repa-triation,currency restrictions,etc.8.Labor regulations and employment agreementsthe impact of labor regula-tions,empl

49、oyment agreements,labor militancy or work disruptions,and local hiring requirements.9.Quality of infrastructureincludes access to roads,power availability,etc.10.Quality of geological databaseincludes quality,detail,and ease of access to geologi-cal information.11.Labor availability and skillsthe su

50、pply and quality of labor,and the mobility that workers have to relocate.12.Disputed land claimsthe uncertainty of unresolved claims made by aboriginals,other groups,or individuals.13.Political stability.14.Securitythe physical safety of personnel and assets.15.Regulatory duplication and inconsisten

51、cies(including federal/provincial,federal/state,inter-departmental overlap,etc.).16.Legal systemlegal processes that are fair,transparent,non-corrupt,efficiently administered,etc.For each of the 16 factors,respondents were asked to select one of the following five responses that best described each

52、jurisdiction with which they were familiar:10 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.org1.Encourages investment2.Is not a deterrent to investment3.Is a mild deterrent to investment4.Is a strong deterrent to investment5.Would not invest due to this criterionScoring the su

53、rvey responsesthe Policy Perception IndexThis year we replicated the methodology used in 2016 and every year since,which follows that used in the Fraser Institutes Annual Survey of Mining Companies(see Stedman and Green,2019).The methodology differs from that used prior to 20162 in that it is it is

54、based on an average of the responses for all five possible response categories.3 In previous years,the index was based only on the prevalence of responses in the“deters investment”categories.The measure also takes into con-sideration how far a jurisdictions score is from the average in each of the p

55、olicy areas.To calcu-late the Policy Perception Index(PPI),we estimate a score for each jurisdiction for all 16 factors addressed by the survey questions by calculating each jurisdictions average response in relation to each survey question.We then standardize this score using a common technique whe

56、reby we subtract the average response from each jurisdictions score on each of the policy factors and then divided it by the standard deviation.A jurisdictions scores on each of the 16 policy variables,as reflected by the responses to the survey questions,is then added to generate a final,standardiz

57、ed PPI score.That score is then normalized using the formula(Vmax-Vi)/(Vmax-Vmin)100.4 The jurisdiction with the most attractive policies receives a score of 100 and the jurisdiction with the policies that pose the greatest barriers to investment receives a score of 0.2 See appendix 2 for an overvie

58、w of the previous methodology.3 Encourages investment,not a deterrent to investment,mild deterrent to investment,strong deterrent to invest-ment,and would not invest due to this factor.4 Where Vmax is the maximum value,Vmin is the minimum value,and Vi represents the summed score of a jurisdiction.Ca

59、nada-US Energy Sector Competitiveness Survey 2023 11fraserinstitute.orgCANADA-US RESULTSPolicy Perception Index RankingsTable 1 compares the 2023 scores and rankings of the jurisdictions on the Policy Perception Index(PPI).The first column shows the absolute scores for each jurisdiction,based on the

60、 methodology described above.The second column shows the rankings for each.It is worth remembering that these rankings are entirely driven by responses to the survey questions and do not account for the extent of any jurisdictions proved oil and gas reserves.Hence,some jurisdictions with relatively

61、small or even no reserves may rank more highly on the basis of the respondents perceptions of business conditions,regulatory regimes,and other factors,than some jurisdictions with significant reserve holdings.Figure 4 presents the Policy Perception Index rankings for the 17 jurisdictions ranked this

62、 year.Respondents ranked the following 10 jurisdictions as the most attractive for investment in petro-leum exploration and development:1.Wyoming2.North Dakota3.Saskatchewan4.Oklahoma5.Kansas6.Texas7.US offshore Gulf of Mexico8.Louisiana9.Alberta 10.Alaska12 Canada-US Energy Sector Competitiveness S

63、urvey 2023 fraserinstitute.orgTable 1:Policy Perception Index 2023 SCORERANKWyoming*100.01/17North Dakota*97.32/17Saskatchewan*96.83/17Oklahoma96.14/17Kansas*93.75/17Texas89.26/17US OffshoreGulf of Mexico*78.47/17Louisiana74.68/17Alberta74.19/17Alaska*73.310/17Pennsylvania*66.511/17New Mexico*65.612

64、/17Ohio*58.913/17Newfoundland&Labrador*47.914/17British Columbia42.415/17Colorado39.716/17California*0.017/17*Jurisdictions marked with an asterisk received between 5 and 10 responses for at least one of the assessed policy factors.00708090100Wyoming*North Dakota*Saskatchewan*OklahomaKans

65、as*TexasLouisianaAlbertaAlaska*Pennsylvania*New Mexico*Ohio*Newfoundland&Labrador*British ColumbiaColoradoCalifornia*PPI ScoreUS OffshoreGulf of MexicoFigure 4:Policy Perception Index,2023Canada-US Energy Sector Competitiveness Survey 2023 13fraserinstitute.orgResults by RegionCanadaFigure 5 illustr

66、ates the relative performance of the Canadian jurisdictions in the 2023 survey.Com-pared to American jurisdictions,survey respondents gave less favorable overall scores to a couple of Canadian jurisdictions this year,indicating that barriers to investment continue to be significant relative to the U

67、S.Saskatchewan and Alberta improved their policy scores in 2023(compared to 2022 results)by 20.9 and 22.6 points respectively and along with those improved scores their position on the Policy Per-ception Index.Although British Columbia also increased its policy score(by 10.2 points),oil and gas inve

68、stors still rank the province as the worst Canadian jurisdictionand near the bottom of all the jurisdictions included in this years report.Newfoundland&Labrador,which did not appear in the 2022 edition of this report,received enough responses to be included again this year.These four provinces accou

69、nted for a little over 99 percent of Canadas total oil production in 2022(Canada Energy Regulator,2023).British Columbias position in the relative ranking improved marginally,going from 14th out of 15 jurisdictions in 2022 to 15th out of 17 jurisdictions this year.The province continues to be ranked

70、 among the jurisdictions with the highest deterrents for investment.In contrast,Saskatchewan improved its score and went from ranking 6th in 2022 to 3rd in 2023 and the process becomes the only Canadian jurisdiction to place in the top five.Albertas position also improved;it went from ranking 12th o

71、ut of 15 jurisdictions in 2022 to ranking 9th out of 17 in 2023.Finally,Newfound-land&Labrador ranked 14th out of 17 and is the second-worst ranked Canadian jurisdiction.Comments from respondents about various Canadian provinces and territories ranged from com-plimentary to critical.The comments in

72、the following section have been edited for length,grammar and spelling,to retain confidentiality,and to clarify meaning.CanadaGeneral“Swiftly rising carbon costs coupled with uncertain solutions for practical carbon storage serve as obstacles to investment.”00708090100British ColumbiaNewf

73、oundland&Labrador*AlbertaSaskatchewan*PPI ScoreFigure 5:Policy Perception IndexCanada,202314 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.org“In certain areas of Canada,property rights protection is deficient.Some provinces pos-sess the authority to expropriate property withou

74、t offering compensation,potentially compelling us to shut down.”“The possibility of revoking oil and gas licenses following discovery is a major deterrent to investment.”Alberta“Consistent policy changes and discrepancies in carbon regulations across government jurisdictions are a deterrent to inves

75、tment.”British Columbia“Carbon taxes,emission regulations,and abrupt regulatory shutdowns.”Newfoundland&Labrador“Significant delays in the environmental assessment approval process are hindering investment.”The United StatesIn 2023,we received sufficient responses to enable us to rank 13 US jurisdic

76、tions.For the second year in a row,Wyoming is the most attractive jurisdiction in the United Statesand the most attractive jurisdiction included in this analysis.North Dakota climbed the ranking this year to become the second most attractive jurisdiction in the US and the second most attractive in t

77、his years survey.Six other US jurisdictions also ranked in the top 10 this year:Oklahoma(4th),Kansas(5th),Texas(6th),US OffshoreGulf of Mexico(7th),Louisiana(8th)and Alaska(10th)(figure 6).Compared to last years survey,only Texas saw its policy scores decline;all other US jurisdictions in the survey

78、 showed improvements.For instance,Alaskas policy score improved 32.2 points this year and it is included in the top 10.Similarly,North Dakota increased its score by 18.9 points.Meanwhile the 2.3-point decline for Texas meant that it fell to 6th place after occupying 2nd place last year.Survey partic

79、ipants comments on a number of American jurisdictions are presented below.Com-ments have been edited for length,grammar and spelling,to retain confidentiality,and to clarify meanings.*Jurisdictions marked with an asterisk received between 5 and 10 responses for at least one of the assessed policy fa

80、ctors.00708090100Wyoming*North Dakota*OklahomaKansas*TexasUS OffshoreGulf of Mexico*LouisianaAlaska*Pennsylvania*New Mexico*Ohio*ColoradoCalifornia*PPI ScoreFigure 6:Policy Perception IndexUnited StatesCanada-US Energy Sector Competitiveness Survey 2023 15fraserinstitute.orgColorado“The F

81、inancial Assurance Regulation mandates annual payments to the state government to address P&A Plug and Abandon liabilities,even though we already contribute funds to an orphan well program that far exceeds the costs of any P&A obligations related to companies unable to P&A wells due to financial dis

82、tress.”“Granting local governmental agencies the authority to establish regulations concerning oil,gas,and the environment is a deterrent to investment as long as these regulations are more stringent than Colorados existing laws.”Louisiana“Legacy lawsuits,which entail the reinterpretation of outdate

83、d policies,are being used not for environmental restoration but primarily as obstacles to investment.”Ohio“Local officials invoked EPA waters of the US laws during a rainstorm,making an unfounded claim of an environmental catastrophe.This unwarranted accusation resulted in a nine-month ordeal and in

84、curred costs of$250,000 to disprove.This incident marked my first encounter with the weaponization of bureaucracy.”“Local regulatory agents used waters of the US regulations to raise concerns regarding water runoff from a rainstorm that occurred in a farmers field,where water flowed into a ditch bet

85、ween fields.The blame for historical runoff was unjustly placed on oil opera-tions,necessitating approximately$200,000 in scientific research and negotiations to resolve this unwarranted accusation.Ultimately,we made the decision to sell our assets and leave the state of Ohio due to these detrimenta

86、l policies.”California“Years of legal indecision regarding which entity holds the authority to grant a passing permitwhether it is the local county or the California State Division of Oil&Gas(now known as CalGEM or the California Geological Energy Management).”Texas“The smuggling of undocumented ind

87、ividuals on the roads in South Texas poses a risk to our community.”16 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgResults by CategoryThe results of the survey have been broken into four areas:regulatory factors,commercial,geopolit-ical,and land-related risks.5Regulatory f

88、actorsAccording to investors,regulatory factors continue to be a key in hampering Canadas energy com-petitiveness.This years respondents pointed to the uncertainty concerning environmental regu-lations,regulatory duplication and inconsistencies,the uncertainty regarding the enforcement of existing r

89、egulations,and the cost of regulatory compliance as key areas of concern in Canada com-pared to the United States.To evaluate investors perceptions around regulatory processes across jurisdictions we asked survey respondents six questions about the various regulatory factors.The analysis for questio

90、ns with sim-ilar results are combined in this section.5 To streamline the analysis,this section uses categories(based on Appendix 2 from Stedman and Green 2018)that focus on particular dimensions of policy.Canada-US Energy Sector Competitiveness Survey 2023 17fraserinstitute.orgEnvironmental regulat

91、ions(Table 2)CanadaThis year,investors rated uncertainty concerning environmental regulations as the factor that most deters investment in Canada.When completing the survey,investors are asked about the stability of regulations and the consistency and timeliness of environmental regulatory processes

92、.Table 2:Environmental Regulations 1:Encourages investment 3:Mild deterrent to investment 5:Would not pursue investment due to this factor2:Not a deterrent to investment 4:Strong deterrent to investmentRESPONSE12345Alberta18%32%29%15%6%British Columbia0%7%50%36%7%Newfoundland&Labrador*0%0%22%67%11%S

93、askatchewan*43%29%29%0%0%Alaska*20%10%50%20%0%California*7%0%7%53%33%Colorado10%15%30%40%5%Kansas*33%58%8%0%0%Louisiana39%28%28%6%0%New Mexico*21%43%21%7%7%North Dakota*73%18%9%0%0%Ohio*13%25%50%13%0%Oklahoma65%29%6%0%0%Pennsylvania*0%20%40%30%10%Texas43%46%9%3%0%Wyoming*79%7%14%0%0%US OffshoreGulf

94、of Mexico*21%50%21%7%0%*Percentages may not add up to 100 due to rounding.As a result,many Canadian provinces perform poorly compared to competing US states.All of the respondents for Newfoundland&Labrador pointed to this factor as a major deterrent to invest-ment.Similarly,93 percent of respondents

95、 for British Columbia and 50 percent for Alberta said that uncertainty concerning environmental regulations is a key factor deterring investment.The top performing Canadian jurisdiction on this measure was Saskatchewan,for which 29 percent of respondents cited this factor as constraining investment.

96、CanadaUnited States18 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgUnited StatesIn contrast,only 6 percent of respondents for Oklahoma,9 percent for North Dakota,and 11 per-cent for Texas were deterred by the uncertainty concerning environmental regulations.The poorest perf

97、orming US state was California,where 93 percent of the survey respondents were dissuaded by this factor.OverallOn average,uncertainty concerning environmental regulations is the policy factor that most ham-pers Canadas energy competitiveness and continues to be a major area of concern when compared

98、to the United States.The percentage of respondents for Canadian provinces indicating that this factor was a deterrent to investment was 68 percent on average,compared to 41 percent for the United States.Regulatory duplication and inconsistencies(Table 3)Table 3:Regulatory Duplication and Inconsisten

99、cies1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta13%52%26%9%0%British Columbia0%36%18%45%0%Newfoundland&Labrador*0%0%50%50%0%Saskatchewan*17%67%17%0%0%Alaska*20%

100、60%20%0%0%California*0%11%33%44%11%Colorado8%17%67%8%0%Kansas*17%83%0%0%0%Louisiana17%50%25%8%0%New Mexico*0%56%44%0%0%North Dakota*20%60%20%0%0%Ohio*0%40%60%0%0%Oklahoma36%36%27%0%0%Pennsylvania*0%80%20%0%0%Texas33%52%14%0%0%Wyoming*38%63%0%0%0%US OffshoreGulf of Mexico*11%56%22%11%0%*Percentages m

101、ay not add up to 100 due to rounding.CanadaUnited StatesCanada-US Energy Sector Competitiveness Survey 2023 19fraserinstitute.orgCanadaInvestors expressed increasing concerns over regulatory duplication and inconsistencies for Cana-dian provinces compared to last years survey and compared to their U

102、S competitors.Specifically,all the respondents for Newfoundland&Labrador were deterred by this factor.Similarly,64 percent of respondents for British Columbia expressed concern over regulatory duplications and inconsisten-cies,up 21 percentage points from last years results.In contrast,Alberta and S

103、askatchewan showed an improvement on this factor;35 percent of respon-dents for Alberta said that this factor is a deterrent to investment(down 21 percentage points from last year)and only 17 percent of respondents for Saskatchewan expressed concern over regulatory duplications and inconsistencies,d

104、own 39 percentage points from last year.Overall,for the four Canadian provinces included in the survey combined,this factor deteriorated by 2 percentage points over 2022.United StatesBy comparison,none of the respondents for Wyoming or Kansas indicated that regulatory duplica-tion and inconsistencie

105、s were a deterrent to investment.Similarly,only 14 percent of respondents for Texas and 20 percent for North Dakota and for Pennsylvania were deterred by regulatory dupli-cation and inconsistencies.The worst performing US state on this factor was California where 89 percent of respondents were deter

106、red by it.OverallThis year,regulatory duplication and inconsistencies was the second most important concern for investors in Canada when compared to the United States.The percentage of respondents for the Canadian provinces indicating that this factor was a deterrent to investment was,on average,54

107、percent(up 2 percentage points from last years survey)compared to 34 percent for the United States(down 4 percentage points from the 2022 survey).Regulatory enforcement(Table 4)CanadaUncertainty concerning existing regulations,i.e.,uncertainty regarding the administration,inter-pretation,stability,o

108、r enforcement of existing regulations,was the factor on which Newfoundland&Labrador performed the worst88 percent of respondents indicated that regulatory enforce-ment was a deterrent to investment in that province.Also performing poorly was British Columbia for which 75 percent of respondents point

109、ed to this factor as a deterrent to investment,as did 42 percent for Alberta.The top performing Canadian jurisdiction on this measure was Saskatchewan,with 17 percent of respondents citing this factor as a deterrent to investment.20 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute

110、.orgTable 4:Regulatory Enforcement 1:Encourages investment 3:Mild deterrent to investment 5:Would not pursue investment due to this factor2:Not a deterrent to investment 4:Strong deterrent to investmentRESPONSE12345Alberta23%35%29%10%3%British Columbia8%17%33%33%8%Newfoundland&Labrador*0%13%38%38%13

111、%Saskatchewan*50%33%17%0%0%Alaska*22%56%11%11%0%California*0%8%15%46%31%Colorado12%0%53%24%12%Kansas*36%55%9%0%0%Louisiana25%56%13%6%0%New Mexico*29%43%14%14%0%North Dakota*50%38%13%0%0%Ohio*17%50%0%33%0%Oklahoma44%50%6%0%0%Pennsylvania*0%0%88%13%0%Texas31%56%9%3%0%Wyoming*73%18%9%0%0%US OffshoreGul

112、f of Mexico*17%42%42%0%0%*Percentages may not add up to 100 due to rounding.United StatesTop performing US jurisdictions Oklahoma and Wyoming saw 6 and 9 percent of respondents,respectively,indicate that uncertainty concerning regulatory enforcement was a deterrent to invest-ment.Similarly,13 percen

113、t for Texas indicated that this factor was a concern.However,several US jurisdictions performed poorly in this indicator.All the respondents for Pennsylvania expressed concern over this factor.The second and third poorest performing US states were California and Colorado,where this factor deterred 9

114、2 percent and 88 percent of respondents,respectively.OverallOn average,Canadian jurisdictions perform poorly relative to their US counterparts on uncertainty around the administration,interpretation,stability,or enforcement of existing regulations:55 per-cent of respondents for the Canadian province

115、s compared to 37 percent for the American states indicated that this factor was a deterrent to investment.CanadaUnited StatesCanada-US Energy Sector Competitiveness Survey 2023 21fraserinstitute.orgCost of regulatory compliance(Table 5)CanadaBritish Columbia and Newfoundland&Labrador performed the w

116、orst of all the jurisdictions included in this years survey on the cost of regulatory compliance:88 percent for Newfoundland&Labrador and 77 percent for British Columbia indicated that this factor was a deterrent to investment.How-ever,when compared to last year,British Columbia had improved by 23 p

117、ercentage points.Alberta also improvedby 30 percentage pointsthough 43 percent of respondents for the province still cite the cost of regulatory compliance as a policy factor that scares away investment.Saskatchewan was the top performing Canadian jurisdiction in this category;29 percent of responde

118、nts claimed that this factor dissuaded investment in that province.Table 5:Cost of Regulatory Compliance1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta10%47%30%13%

119、0%British Columbia0%23%54%23%0%Newfoundland&Labrador*0%13%50%38%0%Saskatchewan*43%29%29%0%0%Alaska*14%43%29%14%0%California*0%0%17%50%33%Colorado6%13%38%31%13%Kansas*33%67%0%0%0%Louisiana29%36%29%7%0%New Mexico*17%42%33%8%0%North Dakota*43%57%0%0%0%Ohio*0%17%83%0%0%Oklahoma36%57%7%0%0%Pennsylvania*0

120、%17%67%17%0%Texas38%44%16%3%0%Wyoming*64%27%9%0%0%US OffshoreGulf of Mexico*8%50%33%8%0%*Percentages may not add up to 100 due to rounding.United StatesIn contrast,many US jurisdictions perform well on this factor,though there are some notable exceptions.None of the respondents for Kansas(ranked 5th

121、 on this years survey)or North Dakota(ranked 2nd this year)pointed to this factor as a deterrent to investment.Only 7 percent of respon-dents for Oklahoma,9 percent of respondents for Wyoming,and 19 percent for Texas indicated that CanadaUnited States22 Canada-US Energy Sector Competitiveness Survey

122、 2023 fraserinstitute.orgthe cost of regulatory compliance was a deterrent to investment.The worst performing US jurisdic-tion is California for which all respondents were deterred by this factor.OverallOn average,respondents see the cost of regulatory compliance as more problematic in Canada than i

123、n the United States.An average of 59 percent of respondents for the Canadian provinces com-pared to 42 percent for the US states indicated that the cost of regulatory compliance was deterring investment.Labor regulations and employment agreements(Table 6)Table 6:Labour Regulations and Employment Agr

124、eements1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta36%36%24%4%0%British Columbia27%27%45%0%0%Newfoundland&Labrador*17%33%33%17%0%Saskatchewan*67%33%0%0%0%Alaska

125、*29%29%43%0%0%California*8%17%25%33%17%Colorado20%33%27%13%7%Kansas*63%38%0%0%0%Louisiana50%43%0%7%0%New Mexico*17%58%25%0%0%North Dakota*57%43%0%0%0%Ohio*20%60%20%0%0%Oklahoma64%36%0%0%0%Pennsylvania*33%33%33%0%0%Texas44%44%11%0%0%Wyoming*80%20%0%0%0%US OffshoreGulf of Mexico*36%45%18%0%0%*Percenta

126、ges may not add up to 100 due to rounding.CanadaFor the Canadian provinces included in this study,investors were less concerned than last year over the impact of labor regulations,employment agreements,labor militancy or work disruptions,and local hiring requirements.None of the respondents for Sask

127、atchewan were concerned about this factor(a drop of 33 percentage points from last year).However,50 percent of the respondents for Newfoundland&Labrador,45 percent of respondents for British Columbia,and 28 percent for Alberta said that this factor dissuaded investment in those provinces.CanadaUnite

128、d StatesCanada-US Energy Sector Competitiveness Survey 2023 23fraserinstitute.orgUnited StatesIn the United Sates,no respondents for Wyoming,North Dakota,Kansas,or Oklahoma said that labor regulations and employment agreements were deterring investment in those states.Not far behind,only 7 percent o

129、f respondents for Louisiana and 11 percent for Texas claimed that labor reg-ulations and employment agreements were dissuading investment.The poorest performing Amer-ican states were California and Colorado where 75 percent and 47 percent of respondents,respec-tively,were deterred by this factor.Ove

130、rallLabor regulations and employment agreements are a bit more of a concern for investors in Canada than they are for investors in the United States.Respondents for the Canadian provinces who indi-cated that this factor was a deterrent to investment was,on average,31 percent(down 14 percent-age poin

131、ts from last years survey)compared to 21 percent for the United States.Legal system(Table 7)Table 7:Legal System1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta42%5

132、4%4%0%0%British Columbia18%64%9%9%0%Newfoundland&Labrador*33%67%0%0%0%Saskatchewan*83%17%0%0%0%Alaska*67%33%0%0%0%California*10%40%40%0%10%Colorado29%14%50%7%0%Kansas*43%57%0%0%0%Louisiana46%23%8%15%8%New Mexico*33%33%33%0%0%North Dakota*50%50%0%0%0%Ohio*17%67%17%0%0%Oklahoma73%27%0%0%0%Pennsylvania

133、*33%67%0%0%0%Texas55%36%9%0%0%Wyoming*56%44%0%0%0%US OffshoreGulf of Mexico*50%30%20%0%0%*Percentages may not add up to 100 due to rounding.CanadaUnited States24 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgCanadaInvestor perceptions of the legal system vary by province.For

134、 instance,none of the respondents for Newfoundland&Labrador or for Saskatchewan and only 4 percent of respondents for Alberta said the legal system is a deterrent to investment.In contrast,18 percent of respondents for British Columbia indicated that this factor was deterred investment(up 4 percenta

135、ge points from last year).United StatesNone of the respondents for six US jurisdictions(Alaska,Wyoming,Pennsylvania,Kansas,Okla-homa,North Dakota)indicated that the legal system in those states deterred investment.In con-trast,9 percent of respondents for Texas,17 percent for Ohio,and 31 percent for

136、 Louisiana were deterred by this factor.As was the case last year,the worst performing US state was Colorado for which 57 percent of the surveys respondents cited the legal system as a deterrent to investment(up 20 percentage points from last year).OverallThis year the percentage of respondents dete

137、rred by the legal system was higher in the US(17 per-cent,on average)than in Canada(6 percent,on average).Commercial risksFiscal terms and taxation in general(Tables 8 and 9)CanadaFiscal terms and taxation in general continue to be key areas of concern for investors in some Cana-dian provinces compa

138、red to many US states.For instance,the share of respondents for Alberta citing fiscal terms and taxation in general as factors potentially deterring investment increased for a second year in a row.This year,34 percent of respondents(up 8 percentage points from last years survey)indicated that licens

139、es,royalties,and production taxes(i.e.,fiscal terms)were affecting investment decisions and 41 percent of respondents(up 10 percentage points from last years sur-vey)claimed that the level of taxation in the province was deterring investment.In contrast,British Columbia improved on both policy facto

140、rs:47 percent of respondents expressed concern over fiscal terms and 60 percent over taxation in general,which was down 20 percent and 26 percent,respec-tively,from last year.According to survey respondents,concerns about fiscal terms and taxation decreased considerably for Saskatchewan.This year,no

141、ne of the respondents claimed that fiscal terms were discouraging investment in the province(making it the top performer not just among Canadian provinces but overall on the survey for this policy factor)and,similarly,only 14 percent of respondents cited taxes in general in Saskatchewan as a key det

142、errent to investment.This year,Newfoundland&Labrador was the worst performer among Canadian provinces regarding fiscal terms:80 percent of respondents indicated they were deterred by this factor.Similarly,56 percent said that taxation in general deters investment in that province.Canada-US Energy Se

143、ctor Competitiveness Survey 2023 25fraserinstitute.orgTable 8:Fiscal Terms1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta45%21%18%11%5%British Columbia13%40%27%20%

144、0%Newfoundland&Labrador*20%0%60%10%10%Saskatchewan*100%0%0%0%0%Alaska*33%40%27%0%0%California*5%0%21%47%26%Colorado21%8%50%8%13%Kansas*57%36%7%0%0%Louisiana58%29%8%4%0%New Mexico*35%47%12%6%0%North Dakota*93%7%0%0%0%Ohio*22%44%22%11%0%Oklahoma67%24%10%0%0%Pennsylvania*21%43%29%7%0%Texas72%16%12%0%0%

145、Wyoming*76%12%12%0%0%US OffshoreGulf of Mexico*50%30%20%0%0%*Percentages may not add up to 100 due to rounding.United StatesNorth Dakota shares with Saskatchewan top place as the best performer on fiscal terms,with no respondents claiming that that policy factor was affecting investment decisions.Si

146、milarly,just 7 percent of respondents for Kansas and 10 percent of respondents for Oklahoma said that fiscal terms in those states deters investment.For Wyoming,only 12 percent of respondents suggested that fiscal terms affect their investment decisions.However,21 percent of respondents said that ta

147、xation in general is a deterrent to investment in that state.North Dakota ranked better than Wyoming on taxation in general;just 9 percent of respondents pointed to this factor as a deterrent to investment for that state.On both measures Texas ranked quite well:12 percent of respondents claimed that

148、 fiscal terms were a deterrent to investment in that state as did 14 percent who cited taxes in general as a deterrent.The share of respondents indicating that fiscal terms and taxation in general were deterring investment in Louisiana were 13 percent and 20 percent,respectively.California was the w

149、orst performer overall in terms of fiscal terms and taxation,with 95 percent and 76 percent of respondents,respectively,saying they were deterred by these factors.Colorado also performed poorly:investors said that 71 percent on fiscal terms and 62 percent on taxation in general deterred investment i

150、n that state.CanadaUnited States26 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgTable 9:Taxation in General 1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRE

151、SPONSE12345Alberta18%41%26%12%3%British Columbia7%33%47%13%0%Newfoundland&Labrador*0%44%22%22%11%Saskatchewan*43%43%14%0%0%Alaska*33%42%8%17%0%California*6%18%12%47%18%Colorado14%24%38%24%0%Kansas*25%67%8%0%0%Louisiana35%45%10%10%0%New Mexico*38%31%19%13%0%North Dakota*73%18%9%0%0%Ohio*13%50%25%13%0

152、%Oklahoma41%29%29%0%0%Pennsylvania*18%36%36%9%0%Texas54%32%14%0%0%Wyoming*43%36%14%7%0%US OffshoreGulf of Mexico*31%44%25%0%0%*Percentages may not add up to 100 due to rounding.OverallOn average,investors expressed more concerns over taxes and fiscal terms for Canada than they did for the United Sat

153、es.Forty percent of respondents for the Canadian provinces,on average,indicated that fiscal terms was deterring investment as compared to 27 percent for the United States(a 13 percentage point gap).Similarly,the percentage of respondents indicating that taxation in general was deterring investment w

154、as,on average,43 percent for Canada compared to 31 percent for the United States(a 12 percentage point difference).Trade barriers(Table 10)CanadaInvestors generally have relatively low concerns about trade barriers in Canada,though that varies by province.Alberta was the top performer in Canada on t

155、his category,with 12 percent of respon-dents suggesting trade barriers were a deterrent to investment.In Saskatchewan,17 percent of respondents found trade barriers a deterrent(down 6 percentage points from 2022).British Colum-bia was the worst performing province on this factor:27 percent of respon

156、dents for BC pointed to the provinces trade barriers as a deterrent to investment.CanadaUnited StatesCanada-US Energy Sector Competitiveness Survey 2023 27fraserinstitute.orgTable 10:Trade Barriers1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:

157、Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta24%64%4%8%0%British Columbia9%64%27%0%0%Newfoundland&Labrador*17%67%0%17%0%Saskatchewan*50%33%17%0%0%Alaska*25%63%0%13%0%California*8%42%8%25%17%Colorado33%40%7%7%13%Kansas*50%50%0%0%0%Louisiana40%47%7%7%0%New Mexico*17

158、%58%25%0%0%North Dakota*29%71%0%0%0%Ohio*33%50%17%0%0%Oklahoma57%43%0%0%0%Pennsylvania*29%43%14%14%0%Texas45%41%10%3%0%Wyoming*60%40%0%0%0%US OffshoreGulf of Mexico*36%45%18%0%0%*Percentages may not add up to 100 due to rounding.United StatesIn contrast,none of the respondents for four US states(Wyo

159、ming,North Dakota,Oklahoma,and Kansas)cited trade barriers as a deterrent to investment.Further,only 13 percent of respondents for Alaska and Louisiana indicated that this factor was a deterrent to investment.The worst per-forming US jurisdictionand the worst performer of all the jurisdictionswas Ca

160、lifornia,where 50 percent of respondents were deterred by trade barriers.OverallThe percentage of respondents deterred by trade barriers is low and similar in Canada(18 percent,on average)to the United States(16 percent,on average).CanadaUnited States28 Canada-US Energy Sector Competitiveness Survey

161、 2023 fraserinstitute.orgQuality of infrastructure(Table 11)CanadaInvestor perceptions of the quality of infrastructure in Canada vary by province.For example,none of the respondents for Saskatchewan(the top performing Canadian province and the top performer overall on this policy area)but 45 percen

162、t of respondents for British Columbia indicated that the quality of infrastructure was adversely affecting investment decisions.Alberta,for which only 8 percent of investors are dissuaded by the quality of infrastructure,is the second-best Canadian juris-diction on this policy factor.Table 11:Qualit

163、y of Infrastructure1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta52%40%8%0%0%British Columbia27%27%27%9%9%Newfoundland&Labrador*33%33%17%17%0%Saskatchewan*67%33%0

164、%0%0%Alaska*38%13%38%13%0%California*8%31%38%15%8%Colorado31%31%25%0%13%Kansas*67%33%0%0%0%Louisiana40%47%13%0%0%New Mexico*38%46%15%0%0%North Dakota*75%25%0%0%0%Ohio*20%40%40%0%0%Oklahoma73%20%7%0%0%Pennsylvania*57%29%14%0%0%Texas57%36%7%0%0%Wyoming*64%36%0%0%0%US OffshoreGulf of Mexico*42%50%8%0%0

165、%*Percentages may not add up to 100 due to rounding.United StatesNone of the respondents for Wyoming,North Dakota,or Kansas claimed that the quality of infra-structure in those states was a deterrent to investment.Further,only 7 percent of respondents for Texas and Oklahoma were deterred by this fac

166、tor.The worst performing US state was once again California,where 62 percent of respondents cited the quality of infrastructure as a factor dissuading investment.That policy factor also dissuaded 50 percent of investors commenting on Alaska.CanadaUnited StatesCanada-US Energy Sector Competitiveness

167、Survey 2023 29fraserinstitute.orgOverallInvestors had low to moderate concerns about the quality of infrastructure in Canada,although nearly half of respondents for British Columbia were concerned about the factor.The percentage of respondents deterred by the quality of infrastructure was,on average

168、,22 percent for Canada and 20 percent for the United States.Labor availability and skills(Table 12)CanadaSurvey respondents reported decreasing concern over labor availability and skills.In particular,none of the respondents for Saskatchewan and only 4 percent of the respondents for Alberta indi-cat

169、ed that this factor was a deterrent to investment,which was down 33 and 40 percentage points,respectively,from last year.That rosy outlook is not universal across Canada,however:25 percent of respondents for British Columbia and 43 percent for Newfoundland&Labrador said the availability of labor and

170、 skills was adversely affecting the investment attractiveness of those two provinces.Table 12:Labor Availability and Skills1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345

171、Alberta54%42%4%0%0%British Columbia33%42%25%0%0%Newfoundland&Labrador*43%14%29%14%0%Saskatchewan*71%29%0%0%0%Alaska*43%43%14%0%0%California*9%36%27%0%27%Colorado40%33%20%0%7%Kansas*25%63%13%0%0%Louisiana47%33%20%0%0%New Mexico*33%42%25%0%0%North Dakota*63%38%0%0%0%Ohio*20%60%20%0%0%Oklahoma57%43%0%0

172、%0%Pennsylvania*43%43%14%0%0%Texas48%41%11%0%0%Wyoming*55%36%9%0%0%US OffshoreGulf of Mexico*55%36%9%0%0%*Percentages may not add up to 100 due to rounding.CanadaUnited States30 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgUnited StatesNo respondents for either North Dakota

173、 or Oklahoma cited labor availability and skills as a deter-rent to investment.However,55 percent of respondents for California were concerned about this factor,making this US state the worst jurisdiction overall for labor availability and skills.OverallThis year,the percentage of respondents deterr

174、ed by labor availability and skills was slightly higher in Canada(18 percent,on average)than in the US(17 percent,on average).Geopolitical risks Political stability(Table 13)CanadaInvestor concerns related to political stability increased this year for Canada and are slightly higher than for the US.

175、For example,55 percent of respondents for British Columbia(the worst performing Canadian province on this measure)and 33 percent of respondents for Newfoundland&Labrador Table 13:Political Stability1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2

176、:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta28%52%16%4%0%British Columbia0%45%27%18%9%Newfoundland&Labrador*33%33%33%0%0%Saskatchewan*67%33%0%0%0%Alaska*50%33%17%0%0%California*0%0%42%42%17%Colorado7%36%43%7%7%Kansas*57%43%0%0%0%Louisiana31%38%23%8%0%New Mexico*

177、9%73%18%0%0%North Dakota*71%29%0%0%0%Ohio*20%60%20%0%0%Oklahoma62%31%8%0%0%Pennsylvania*17%67%17%0%0%Texas48%48%4%0%0%Wyoming*70%30%0%0%0%US OffshoreGulf of Mexico*20%50%20%10%0%*Percentages may not add up to 100 due to rounding.CanadaUnited StatesCanada-US Energy Sector Competitiveness Survey 2023

178、31fraserinstitute.orgindicated that this factor deterred investment.In contrast,no respondent for Saskatchewan and 20 percent of respondents for Alberta cited this factor as a deterrent.United StatesNone of the respondents for Wyoming,North Dakota,or Kansas indicated that political stability was a d

179、eterrent to investment.Similarly,only 4 percent of respondents for Texas and 8 percent for Oklahoma said this policy factor was a deterrent for investment.However,multiple jurisdictions in the US saw their performance worsen on this measure compared to last years survey.Of all the jurisdictions in t

180、he United States,Louisiana saw the largest decline in the perception of political stability with 31 percent of respondents pointing to this factor as a deterrent for investment,up 21 percentage points from 2022.Despite that,California still performs the worst of allall respon-dents cited political s

181、tability as having an adverse impact on their investment decisions for that state.On this measure,California is the worst performer on this factor in both the United States and Canada.OverallInvestor concerns over political stability are higher for Canada than for the United States,a trend that cont

182、inues from last year.The percentage of respondents whose investment decisions were deterred by political stability was,on average,27 percent for Canada and 23 percent for the United States.Security(Table 14)CanadaThis year,Alberta,British Columbia,and Saskatchewan all performed better on security th

183、an they did in the 2022 survey.In particular,none of the respondents for Saskatchewan and none for New-foundland&Labrador cited security as a deterrent to investment,which for Saskatchewan rep-resents a decrease of 22 percentage points from last year.Similarly,just 4 percent of respondents for Alber

184、ta and 18 percent for British Columbia claimed that security was adversely affecting their investment decisions,down 21 and 10 percentage points,respectively,from last year.United StatesNone of the respondents for Wyoming,Pennsylvania,Oklahoma,Ohio,North Dakota,Kansas,or Alaska indicated that securi

185、ty was a deterrent to investment.However,27 percent of respondents for Colorado claimed the states security levels were deterring investment.The worst performing jurisdiction for this policy factor was California where 36 percent of respondents were deterred by this factor.32 Canada-US Energy Sector

186、 Competitiveness Survey 2023 fraserinstitute.orgTable 14:Security1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta48%48%4%0%0%British Columbia36%45%18%0%0%Newfoundla

187、nd&Labrador*50%50%0%0%0%Saskatchewan*67%33%0%0%0%Alaska*83%17%0%0%0%California*18%45%18%0%18%Colorado47%27%20%0%7%Kansas*71%29%0%0%0%Louisiana38%46%15%0%0%New Mexico*27%55%18%0%0%North Dakota*57%43%0%0%0%Ohio*17%83%0%0%0%Oklahoma69%31%0%0%0%Pennsylvania*50%50%0%0%0%Texas48%40%12%0%0%Wyoming*70%30%0%

188、0%0%US OffshoreGulf of Mexico*45%45%9%0%0%*Percentages may not add up to 100 due to rounding.OverallHistorically,the percentage of respondents deterred by security in both countries is relatively low.This year,the US performed worse than Canada due to increased concerns about security in Texas,New M

189、exico,and Louisiana(up 12,7,and 4 percentage points from last year).The percentage of respondents deterred by security concerns was,on average,6 percent for Canada and 9 percent for the United States.CanadaUnited StatesCanada-US Energy Sector Competitiveness Survey 2023 33fraserinstitute.orgLand-rel

190、ated risksUncertainty concerning disputed land claims and protected areas (Tables 15 and 16)CanadaTwo policy areas that continue to hamper investor perceptions of some Canadian jurisdictions are uncertainty concerning disputed land claims and uncertainty over which areas will be protected.Investors

191、expressed significant concern over these factors for British Columbia,where 83 percent of respondents saw uncertainty surrounding disputed land claims and 92 percent saw uncertainty over protected areas as deterrents.In Newfoundland&Labrador,57 percent of respondents cited uncertainty concerning dis

192、puted land claims as a deterrent and 86 percent saw uncertainty over protected areas as a deterrent.Table 15:Disputed Land Claims1:Encourages investment3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONS

193、E12345Alberta4%72%20%4%0%British Columbia0%17%25%50%8%Newfoundland&Labrador*14%29%57%0%0%Saskatchewan*14%71%14%0%0%Alaska*0%67%17%17%0%California*0%45%9%18%27%Colorado14%36%29%7%14%Kansas*43%57%0%0%0%Louisiana23%54%0%23%0%New Mexico*8%50%33%8%0%North Dakota*17%50%33%0%0%Ohio*0%75%0%25%0%Oklahoma31%4

194、6%23%0%0%Pennsylvania*20%80%0%0%0%Texas42%50%8%0%0%Wyoming*44%33%22%0%0%US OffshoreGulf of Mexico*30%60%10%0%0%*Percentages may not add up to 100 due to rounding.CanadaUnited States34 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgTable 16:Protected Areas1:Encourages investme

195、nt3:Mild deterrent to investment5:Would not pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta11%50%32%7%0%British Columbia0%8%46%38%8%Newfoundland&Labrador*0%14%29%57%0%Saskatchewan*50%50%0%0%0%Alaska*0%14%71%14%0%California*0%17%

196、17%25%42%Colorado0%31%25%25%19%Kansas*11%89%0%0%0%Louisiana21%64%0%14%0%New Mexico*0%33%42%25%0%North Dakota*14%86%0%0%0%Ohio*0%33%67%0%0%Oklahoma21%57%21%0%0%Pennsylvania*0%0%83%17%0%Texas26%55%10%10%0%Wyoming*30%40%30%0%0%US OffshoreGulf of Mexico*18%64%18%0%0%*Percentages may not add up to 100 du

197、e to rounding.Alberta had proportionately fewer investors concerned over these policy factors,with respondents pointing to the uncertainty concerning disputed land claims(24 percent)and protected areas(39 percent)as deterrents to investment.Saskatchewan is the top performing province on this factor;

198、no respondent cited uncertainty concerning protected areas as a concerning factor and only 14 percent indicated that disputed land claims are a deterrent to investment.United StatesOn the 2023 survey,none of the respondents for Kansas and North Dakota claimed that uncer-tainty regarding protected ar

199、eas was a deterrent to investment.Further,none of the respondents for Kansas pointed to disputed land claims as a deterrent to investment,but 33 percent of respon-dents for North Dakota suggested that disputed land claims are.On the other hand,22 and 23 percent,respectively,of respondents indicated

200、that uncertainty concerning disputed land claims in Wyoming and Oklahoma was a deterrent to investment.Moreover,30 and 21 percent of respon-dents,respectively,indicated that uncertainty concerning protected areas was an issue in Wyoming and Oklahoma.Alaska and California are the worst performers on

201、the protected areas factor,with 86 and 83 percent of respondents,respectively,saying that this factor is a deterrent for investing.CanadaUnited StatesCanada-US Energy Sector Competitiveness Survey 2023 35fraserinstitute.orgMeanwhile,California and Colorado are the worst performers on disputed land c

202、laims,with 55 and 50 percent of respondents,respectively,pointing to this factor as deterrent to investment.OverallOverall,investors were more concerned about disputed land claims and protected areas in Canada than in the United States.On average,45 percent of respondents for Canadian provinces indi

203、cated that uncertainty concerning disputed land claims was deterring investment compared to 25 per-cent for the United States.Further,on average,54 percent of respondents for Canadas provinces indicated that uncertainty concerning protected areas was deterring investment compared to 44 percent for t

204、he United States.36 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgOVERVIEWOur analysis of the 2023 survey results indicates that the PPI score gap between Canada and the United States increased this year and the extent of negative sentiment regarding key factors driving petr

205、oleum investment decisions continues to be higher in Canada than the United States.In fact,as figure 7 illustrates,this year Canadas median PPI score(61)is over 13 points lower than that for the United States(74.6)demonstrating that the US has a competitive advantage over Canada in most policy areas

206、.In 2022,the PPI score gap was 11 points.This year,Canadas performance was hampered by a higher share of negative responses relative to the US in 13 of the 16 policy factors.For the second year in a row,investors pointed to uncertainty concerning disputed land claims as one of the key deterrents for

207、 investment in Canada when compared to the United States(Figure 8).On average,45 percent of respondents for Canada indicated that this factor is a deterrent for invest-ment,compared with only 25 percent in the United States.Figure 8:Top Areas of Concern for Canada,Average Deterrence by Factor0%10%20

208、%30%40%50%60%70%80%Environmental RegulationsRegulatory Duplication and InconsistenciesDisputed Land ClaimsRegulatory EnforcementCost of Regulatory ComplianceCanadaUnited States68%41%54%45%34%25%55%37%59%42%61.074.6007080CanadaUnited StatesFigure 7:Canada-US Investment Attractiveness,Media

209、n PPI Scores by CountryCanada-US Energy Sector Competitiveness Survey 2023 37fraserinstitute.orgAdditionally,investors continue to see Canadas regulatory environment as onerous compared to that in many competing US jurisdictions.In particular,investors cite Canadas uncertainty regarding environmenta

210、l regulations,regulatory duplication and inconsistencies,the uncertainty concerning disputed land claims,and the cost of regulatory compliance as the top areas of concern(Figure 8).On average,68 percent of respondents for Canada are deterred by the uncertainty regarding envi-ronmental regulations co

211、mpared to 41 percent for the United States,a difference of 27 percentage points between the two countries.When considering regulatory duplications and inconsistencies,on average,54 percent of respondents for Canada are deterred by this factor compared to 34 percent for the United States,a difference

212、 of 20 percentage points.This result likely reflects a number of regulatory changes in Canada in recent years that have resulted in a less competitive environment in the provinces when compared to many competing US jurisdictions.66 There are many potential reasons for investors to believe that Canad

213、as investment attractiveness is declining.Some factors include insufficient pipeline capacity,the federal carbon tax,Bills C-69(which was in force at the time the survey was conducted)and C-48,and onerous regulations.38 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgAPPENDIX

214、1:ADDITIONAL DATAIncluded below is additional data on the quality of the geological database that we included in the calculation of PPI scores but that was not discussed in the analysis section.Table 17:Quality of the Geological Database1:Encourages investment3:Mild deterrent to investment5:Would no

215、t pursue investment due to this factor2:Not a deterrent to investment4:Strong deterrent to investmentRESPONSE12345Alberta64%36%0%0%0%British Columbia42%58%0%0%0%Newfoundland&Labrador*71%29%0%0%0%Saskatchewan*43%57%0%0%0%Alaska*50%50%0%0%0%California*15%54%23%0%8%Colorado25%63%6%0%6%Kansas*56%44%0%0%

216、0%Louisiana38%56%6%0%0%New Mexico*46%54%0%0%0%North Dakota*67%33%0%0%0%Ohio*50%17%33%0%0%Oklahoma56%38%6%0%0%Pennsylvania*57%43%0%0%0%Texas52%45%3%0%0%Wyoming*67%33%0%0%0%US OffshoreGulf of Mexico*50%50%0%0%0%*Percentages may not add up to 100 due to rounding.CanadaUnited StatesCanada-US Energy Sect

217、or Competitiveness Survey 2023 39fraserinstitute.orgAPPENDIX 2:PREVIOUS METHODOLOGY AND ADDITIONAL SUB-INDICESThe methodology previously used to calculate the PPI in 2015 is as follows.For each jurisdiction,we calculated the percentage of negative scores(i.e.,those that are not a deterrent to invest

218、ment)for each of the 16 factors.We then developed an index for each factor by assigning the jurisdiction with the highest percentage of negative responses a value of 100,and correspondingly lower values to the other jurisdictions according to their scores.Upstream investors consider jurisdictions wi

219、th the lowest index values the most attractive,and thus rank them above jurisdictions that scored higher as a consequence of having greater proportions of negative scores.The Policy Perception Index value(referred to in surveys prior to 2013 as the All-Inclusive Compos-ite Index)for each jurisdictio

220、n is derived from the equally weighted scores achieved on all 16 factors.This index is the most comprehensive measure of the extent of policy-related investment barriers within each jurisdiction.Most of the discussion that follows is based on the jurisdictional scores and rankings obtained using thi

221、s index.A high score on this measure reflects considerable negative sentiment on the part of respondents and indicates that they regard the jurisdiction in question as relatively unattractive for investment.In surveys prior to 2015 we also included three additional sub-indices that focused on partic

222、ular dimensions of policy,such as the regulatory climate and perceptions of geopolitical risk.In order to streamline the report and to address feedback from respondents,we did not calculate these separate indices last year or this year.However,below are descriptions of the indices and the measuremen

223、ts that would be used to calculate them.For those wishing to calculate these additional indices,all data from the survey is publicly available at www.fraserinstitute.org.Commercial Environment Index The Commercial Environment Index ranks jurisdictions on five factors that affect after-tax cash flow

224、and the cost of undertaking petroleum exploration and development activities:1.fiscal terms2.taxation in general3.trade barriers4.quality of infrastructure5.labor availability and skillsThe scores for the Commercial Environment Index for each jurisdiction can be calculated by aver-aging the negative

225、 scores for each of these five factors.A high index value indicates that industry managers and executives consider that the business conditions reflected in this measure constitute significant barriers to investment.Regulatory Climate IndexThe Regulatory Climate Index reflects the scores assigned to

226、 jurisdictions for the following six factors:1.the cost of regulatory compliance2.regulatory enforcement40 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.org3.environmental regulations4.labor regulations and employment agreements5.regulatory duplication and inconsistencies6.lega

227、l systemA relatively high value on the Regulatory Climate Index indicates that regulations,requirements,and agreements in a jurisdiction constitute a substantial barrier to investment,resulting in a rela-tively poor ranking.Geopolitical Risk IndexThe Geopolitical Risk Index calculates scores for:1.p

228、olitical stability,and2.securityThese factors are considered to be more difficult to overcome than either regulatory or commercial barriers,because for significant progress to be made on them,a change in the political landscape is usually required.A high score on the Geopolitical Risk Index indicate

229、s that investment in that juris-diction is relatively unattractive because of political instability and/or security issues that threaten the physical safety of personnel or present risks to an investors facilities.Canada-US Energy Sector Competitiveness Survey 2023 41fraserinstitute.orgAPPENDIX 3:PO

230、LICY PERCEPTION INDEX 2022 VERSUS 2023Policy Perception Index20222023JURISDICTIONPPI SCORE RANK PPI SCORE RANK Wyoming*100.001/15100.001/17North Dakota*78.385/1597.282/17Saskatchewan*75.976/1596.833/17Oklahoma88.243/1596.064/17Kansas*81.724/1593.695/17Texas91.552/1589.236/17US OffshoreGulf of Mexico

231、*59.259/1578.397/17Louisiana58.5210/1574.578/17Alberta51.4412/1574.079/17Alaska*41.1213/1573.3410/17Pennsylvania*66.5411/17New Mexico*54.7011/1565.5912/17Ohio*58.9513/17Newfoundland&Labrador*47.8914/17British Columbia32.2914/1542.4415/17Colorado0.0015/1539.7016/17California*0.0017/17*Jurisdictions m

232、arked with an asterisk received between 5 and 10 responses for at least one of the assessed policy factors.42 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgAPPENDIX 4:WEIGHTED MEDIAN PPI REGIONAL SCORESWeighted Median PPI Regional Scores are calculated using standardized PPI

233、 scores along with oil and gas reserves data for each jurisdiction.This calculation considers the importance of geological factors in investment attractiveness and decisions.Oil and gas reserves data were taken from Canada Energy Regulator(2023),7 Canadian Association of Petroleum Producers(2022),an

234、d the United States Energy Information Administration(2022).Canada-US Investment Attractiveness,Regional Median PPI Scores by Country Weighted by Oil and Gas Reserves7 Oil and gas reserves data is as of 2019.72.277.900708090100CanadaUnited StatesCanada-US Energy Sector Competitiveness Sur

235、vey 2023 43fraserinstitute.orgREFERENCESAliakbari,Elmira(ed.)(2019).Assessing Canadas Energy Sector Competitiveness:Collected Essays.Fraser Insti-tute.,as of November 27,2023.Canada Energy Regulator(2023).Crude Oil Reserves at December 2021 table.Canadas Energy Future 2023.Canada Energy Regulator.,a

236、s of November 27,2023.Canadian Association of Petroleum Producers CAPP(2022).Statistical Handbook:Table 02-9 Marketable Natural Gas by province Remaining Established Reserves in Canada at year end 1962-2019.CAPP.,as of November 27,2023.Globerman,Steven,and Joel Emes(2021).An International Comparison

237、 of Capital Expenditures.Fraser Insti-tute.,as of November 27,2023.Statistics Canada(2023).Table 34-10-0035-01:Capital and Repair Expenditures,Non-Residential Tangible Assets,by Industry and Geography(x 1,000,000).Statistics Canada.,as of November 27,2023.Meja,Julio,and Elmira Aliakbari(2022).Canada

238、-US Energy Sector Competitiveness Survey 2022.Fraser Institute.,as of November 27,2023.Yunis,Jairo,and Elmira Aliakbari(2021a).Canada-US Energy Sector Competitiveness Survey 2021.Fraser Institute.,as of November 27,2023.Yunis,Jairo,and Elmira Aliakbari(2021b).Canada-US Energy Sector Competitiveness

239、Survey 2020.Fraser Institute.,as of November 27,2023.Stedman,Ashley,and Kenneth P.Green(2018).Global Petroleum Survey 2018.Fraser Institute.,as of November 27,2023.Stedman,Ashley,and Kenneth P.Green(2019).Fraser Institute Annual Survey of Mining Companies 2018.Fraser Institute.,as of November 27,202

240、3.United States Energy Information Administration EIA(2022).Proved Reserves of Crude Oil and Natural Gas in the United States,Year-End 2020.EIA.,as of November 27,2023.44 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgABOUT THE AUTHORSJULIO MEJA is a Junior Policy Analyst at

241、the Fraser Institute.He holds a Bachelor of Government and International Relations and a Masters degree in International Affairs from the Externado University of Colombia,and a Mas-ters degree in Criminology and Criminal Justice Policy from the University of Guelph.Prior to joining the Fraser Instit

242、ute,Julio worked as the liaison between the Colombian and the United States Army and as coordinator for international cooperation for different universities in Latin America.His com-mentaries have appeared in theHalifax Chronicle Herald,the Toronto Sun,and Colombias leading news publications.Julio s

243、pecializes in energy policy,with a focus on the mining and petroleum industries.ELMIRA ALIAKBARI is Director of Natural Resource Studiesat the Fraser Institute.She received a Ph.D.in Economics from the University of Guelph,and M.A.and B.S.degrees in Economics,both from the University of Teh-ran in I

244、ran.She has studied public policy involving energy and the environ-ment for nearly a decade.Prior to joining the Fraser Institute,Ms.Aliakbari was Director of Research,Energy,Ecology and Prosperity with the Frontier Center for Public Policy.She has presented her work at many academic con-ferences an

245、d has been published in the prestigious academic journal Energy Economics.Ms.Aliakbaris research has been discussed in prominent media outlets including the Wall Street Journal,and her commentaries have appeared in major Canadian and American news-papers such as theGlobe and Mail,Washington Times,Na

246、tional Post,and Financial Post.Canada-US Energy Sector Competitiveness Survey 2023 45fraserinstitute.orgPUBLISHING INFORMATIONDistributionThese publications are available from in Portable Document Format(PDF)and can be read with Adobe Acrobat or Adobe Reader,versions 8 or later.Adobe Reader DC,the m

247、ost recent version,is available free of charge from Adobe Systems Inc.at.Readers having trouble viewing or printing our PDF files using applications from other manufacturers(e.g.,Apples Preview)should use Reader or Acrobat.Ordering publicationsTo order printed publications from the Fraser Institute,

248、please contact:e-mail:salesfraserinstitute.org telephone:604.688.0221 ext.580 or,toll free,1.800.665.3558 ext.580 fax:604.688.8539.MediaFor media enquiries,please contact our Communications Department:604.714.4582 e-mail:communicationsfraserinstitute.org.CopyrightCopyright 2023 by the Fraser Institu

249、te.All rights reserved.No part of this publication may be reproduced in any manner whatsoever without written permission except in the case of brief passages quoted in critical articles and reviews.Date of issueJanuary 2024ISBN978-0-88975-763-9CitationJulio Mejaand Elmira Aliakbari(2024).Canada-US E

250、nergy Competitiveness Survey,2023.46 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgABOUT THE FRASER INSTITUTEOur mission is to improve the quality of life for Canadians,their families,and future generations by studying,measuring,and broadly communicating the effects of gover

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256、tment,Fraser Institute Fourth Floor,1770 Burrard Street Vancouver,British Columbia,V6J 3G7 Canada telephone,toll-free:1.800.665.3558 ext.586 e-mail:developmentfraserinstitute.orgPURPOSE,FUNDING,AND INDEPENDENCEThe Fraser Institute provides a useful public service.We report objective information abou

257、t the economic and social effects of current public policies,and we offer evidence-based research and edu-cation about policy options that can improve the quality of life.The Institute is a non-profit organization.Our activities are funded by charitable donations,unre-stricted grants,ticket sales,an

258、d sponsorships from events,the licensing of products for public dis-tribution,and the sale of publications.All research is subject to rigorous review by external experts,and is conducted and published sepa-rately from the Institutes Board of Directors and its donors.The opinions expressed by the aut

259、hors are their own,and do not necessarily reflect those of the Institute,its Board of Directors,its donors and supporters,or its staff.This publication in no way implies that the Fraser Institute,its trustees,or staff are in favour of,or oppose the passage of,any bill;or that they support or oppose

260、any particular political party or candidate.As a healthy part of public discussion among fellow citizens who desire to improve the lives of peo-ple through better public policy,the Institute welcomes evidence-focused scrutiny of the research we publish,including verification of data sources,replicat

261、ion of analytical methods,and intelligent debate about the practical effects of policy recommendations.48 Canada-US Energy Sector Competitiveness Survey 2023 fraserinstitute.orgMembersPast membersEDITORIAL ADVISORY BOARDProf.Terry L.AndersonProf.Robert BarroProf.Jean-Pierre CentiProf.John ChantProf.

262、Bev DahlbyProf.Erwin DiewertProf.Stephen EastonProf.J.C.Herbert EmeryProf.Jack L.GranatsteinProf.Herbert G.GrubelProf.James GwartneyDr.Jerry JordanProf.Ross McKitrickProf.Michael ParkinProf.Friedrich SchneiderProf.Lawrence B.SmithDr.Vito TanziProf.Armen Alchian*Prof.Michael Bliss*Prof.James M.Buchanan*Prof.Friedrich A.Hayek*Prof.H.G.Johnson*Prof.Ronald W.Jones Prof.F.G.Pennance*Prof.George Stigler*Sir Alan Walters*Prof.Edwin G.West*deceased;Nobel Laureate