Suncor Energy Inc. is reporting a first-quarter net loss of $3.525 billion mainly due to asset impairments linked to low oil prices, compared with net earnings of $1.47 billion in the same quarter of last year.

The head of the Bank of Canada says the negative impacts of low oil prices that have struck Western Canada will reverberate across the entire national economy.

Finance Minister Bill Morneau said recent calls for the government to invest in moving oil by train as a stop-gap will not be an easy answer to the problem.