Rapidly changing global events make clear that Canadians are now paying a steep price for the lost decade of economic growth under the government of former prime minister Justin Trudeau.
Where the previous Liberal government should have focused on making Canada an energy superpower by expanding our energy infrastructure, given our vast oil and natural gas resources, it instead downplayed them, using the ridiculous argument that the age of fossil fuels was ending.
Now we have to play catch-up on selling our oil to the world instead of selling almost all of it at a huge discount to the U.S., currently our only major customer, where U.S. President Donald Trump just took over Venezuela, giving the Americans access to the world’s largest oil reserves.
Prime Minister Mark Carney said Canadian oil will still be able to compete globally because it’s cleaner, less expensive and lower risk compared to Venezuela, which makes “Canadian oil competitive for the medium and long term.” Let’s hope so.
apple.news
At least Carney, unlike Trudeau, seems to understands that fossil fuels aren’t going to disappear from the global economy anytime soon. But having recognized that, the problem is it’s going to take years to build the energy infrastructure for Canada to become globally competitive in oil.
That is if it ever gets built in the first place because of the perpetual opposition to pipelines by the B.C. and Quebec governments, along with some, although definitely not all, Indigenous leaders.
apple.news
The potential for increasing Venezuelan exports rattled markets after U.S. forces captured President Nicolás Maduro and his wife in a military raid on Saturday. Mr. Trump asserted that “we’re in charge” of the country and would bring in U.S. oil companies to take over energy infrastructure that has been underfunded and mismanaged for years.
Both countries have massive reserves of heavy crude oil, and Canada’s exports to the U.S. have surged as Venezuela’s have dwindled under sanctions. The prospect of stiffer competition injected new uncertainty into the Canadian oil patch, said Menno Hulshof, analyst at TD Cowen.
Where the previous Liberal government should have focused on making Canada an energy superpower by expanding our energy infrastructure, given our vast oil and natural gas resources, it instead downplayed them, using the ridiculous argument that the age of fossil fuels was ending.
Now we have to play catch-up on selling our oil to the world instead of selling almost all of it at a huge discount to the U.S., currently our only major customer, where U.S. President Donald Trump just took over Venezuela, giving the Americans access to the world’s largest oil reserves.
Prime Minister Mark Carney said Canadian oil will still be able to compete globally because it’s cleaner, less expensive and lower risk compared to Venezuela, which makes “Canadian oil competitive for the medium and long term.” Let’s hope so.
Carney says Canadian oil is ‘competitive,’ in key shift in rhetoric — The Globe and Mail
Comments touting domestic advantages seen as welcome reassurance after selloff in energy shares
That is if it ever gets built in the first place because of the perpetual opposition to pipelines by the B.C. and Quebec governments, along with some, although definitely not all, Indigenous leaders.
EDITORIAL: Paying for Trudeau’s decade of neglect — Toronto Sun
Previous Liberal government should have focused on making Canada an energy superpower
Both countries have massive reserves of heavy crude oil, and Canada’s exports to the U.S. have surged as Venezuela’s have dwindled under sanctions. The prospect of stiffer competition injected new uncertainty into the Canadian oil patch, said Menno Hulshof, analyst at TD Cowen.
