Canada’s oil and gas companies will slash investments by 35 percent in 2016, a record two-year decline that underscores a need for new pipelines, the industry’s main advocacy group says. Capital spending will fall to C$31 billion ($23.6 billion) in 2016, from C$48 billion last year and C$81 billion in 2014, the Canadian Association of Petroleum Producers said in a statement Thursday. The 62 percent drop over the last two years is the largest on record since 1947. The collapse in investment highlights the urgency for Prime Minister Justin Trudeau’s government to press ahead with new oil pipelines and liquefied natural gas developments for an industry struggling with the commodity price slump, said Tim McMillan, CAPP’s president and chief executive officer. At least 40,000 jobs have been lost in the petroleum industry. “If there’s a call to action here for Canada, it is that we have to be able […]