Canada

I think that the scale of investment involved in oil sands development necessitates MUCH longer range planning than relatively short political cycles.

There's may be something to be said maximizing CAPEX when the commodity pricing sucks. Spending pullback from the more boom/bust centric conventional/frac operators reduces competition for trades and key manufacturers.

I think the differentiator at the moment is the lack of predictability. Normally your financial models only have to factor in modest price uncertainty. Right now the tariffs change so quickly that who knows what things will cost. I don't have a clue how you price a project in this environment. I pitty project managers.

Steel plate and pipe is easy to source domestically - especially when the US buyers aren't tying up Evraz capacity. Big inch valves would start to get tricky I think - but it's been over a decade since I was working in that space. Coatings are Dupont and 3M for buried assets - so lots of risk exposure there.

Personally, if I operated any major facilities (fractionation/refineries) I'd be looking at what turnaround/maintenance work I could be pulling forward right now. When oil's booming, you don't want to shut down your money machine to do repairs.