Irving Oil is sometimes confused with its sister company, J.D. The industry contributes $4.4 billion to the state’s economy. In Maine, the natural gas and oil industry supports 37,530 jobs, according to a May report from the American Petroleum Institute. ![]() McTeague said it is the most valuable refinery in eastern Canada and the Northeast U.S., producing 330,000 barrels per day. The Irving Oil refinery in Saint John, New Brunswick, supplies a large amount of the fuel used down the East Coast to Philadelphia. An oil tanker owned by Irving Oil is pushed towards a dock by tugboats on April 23, 2021, in South Portland. That could add significantly to prices at the pump, McTeague said. ![]() The next big government requirement on the other side of the border comes in 2025, when Irving Oil and other refineries will be required to use carbon credit markets to offset fossil fuel emissions. That involves adding more ethanol to the gas, which is costly because much of the ethanol Canada uses is imported from the U.S. ![]() On July 1 the company will have to limit its carbon footprint by 15 percent under a Canadian government clean-fuel standard. Irving Oil is facing headwinds from clean fuel standards, he said. “This is a must-watch event that came out of thin blue air and has implications well beyond the company’s reasons for doing it,” said McTeague, who also is president of Canadians for Affordable Energy in Toronto and was a member of parliament for 18 years.
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