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Ministers Oliver and Moore Welcome Preliminary Report on Propane Supply and Pricing

OTTAWA, ONTARIO -- (Marketwired) -- 03/11/14 -- Natural Resources Canada and Industry Canada

The Honourable Joe Oliver, Minister of Natural Resources, and the Honourable James Moore, Minister of Industry, today issued the following statement on the Preliminary Report on Canada's Propane Market :

"We would like to thank the National Energy Board and the Competition Bureau for their work so far in reviewing Canadian propane market issues, including recent price increases and scarcity. We requested this study as the Government of Canada is concerned about the impact high prices and tight supplies have had on Canadian families who rely on propane to heat their homes.

"We understand that considerable effort was made to reach out to a range of stakeholders from all parts of the supply chain with fifty-two interviews conducted to date.

"Since the peak in January 2014, supplies and prices have improved considerably, and we understand that customers relying on propane for heating now have their needs met. However, given current storage, transportation and export trends, the NEB and Competition Bureau expect tight supply and above-normal prices to continue for the remainder of the winter season.

"The National Energy Board and the Competition Bureau are continuing their analysis on other potential factors that could exacerbate the current market challenges or contribute to future propane shortages and related price increases.

"We look forward to the final report, which is expected before April 30, 2014."

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