Canadians Need To Wake Up To Our Buried Energy Riches

[Anonymous]

Unlike the inept idiot we have now, Joe Oliver was a good finance minister who left the True Dope regime a $7 billion surplus which they turned into a $30 deficit in one year while not in  recession.



This pipeline circus/LNG export facility circus is lowering living standards and True Dope is showing no leadership. In fact, he's part of the problem.

Nebraska's state regulator finally approved the Keystone XL pipeline. While a positive development, it should also remind Canadians of our near total dependency on the low-price American market for our oil and gas. However, most Canadians do not seem to care about the immense wealth we are losing every year by not building pipelines to tidewater to export our energy resources abroad.



Canadian indifference, largely outside Alberta and Saskatchewan, is costing the country dearly because if the public did care, then no government, regardless of its political stripe, would dare thwart the determined will of the people. Instead, the Prime Minister sang kumbaya while he rejected Northern Gateway, encouraged intrusive and costly regulatory procedures to kill Pacific NorthWest LNG and Energy East, and has provided no leadership in advocating for the embattled Trans Mountain pipeline.



Several reasons help explain the public's willingness to give up on higher living standards. Relentless opponents of fossil fuels, actively assisted by a sympathetic media, framed development as an environmental issue. However, Canadian regulatory authorities take safety and GHG emissions very seriously. Also, over 100,000 kilometres of transmission lines already lace the country and 99.999% of oil transported by pipeline arrives without accident.



Polls show that Canadians want to mitigate climate change, but when it comes to paying to address their concerns, support plummets. Yet an opportunity cost does not resonate in the same way, even though Canada is missing out on billions of dollars in direct investment, which would generate tens of thousands of jobs and fund critical social programs for cash-strapped governments.



Academic studies show that the pain of a loss is psychologically double that of the pleasure of a gain. That may explain why the very small chance of an oil spill overrides the certainty of a significant economic gain. Also, the public doesn't draw a line from resource revenue to shorter emergency waiting times, reduced taxes, more jobs and roads without potholes.



But other factors are at play. The U.S buys our oil and gas at a huge discount to the international price. At the same time, it exports its energy at the higher price to markets we cannot access because we are landlocked.



Meanwhile, U.S. foundations regularly contribute money to their Canadian soulmates to block pipelines so we cannot access markets in Asia and Europe. Mind you, that would mean competing with America, so there is a protectionist result if not intent to their generosity. Tellingly, activists don't complain that we import foreign crude in tankers up the St. Lawrence River, generating additional emissions. Nor do they object to resource development in the U.S. or other foreign countries. Anti-development radicals go after Canada because we made ourselves an inviting target.



Finally, if we do not build pipelines our assets will be stranded, like money left under a mattress, but with a fundamental difference. We may not have forever to retrieve the resource wealth. There could be a time, although it is not imminent, when carbon taxes and burdensome regulations dramatically drive up fossil fuels costs and technological breakthroughs make alternatives more competitive. Then our oil and gas might have no value. That is a compelling reason to draw on our fabulous inheritance before it disappears.



Saudi Arabia is playing the long game and wants to sell its oil before it becomes uneconomic to burn. Global emissions are basically unaffected by whose fossil fuel is consumed. So for no environmental gain, Canada could end up with the world's largest reserves, after they become worthless.



Hello! Is anyone home, or is everyone posing for a selfie?

http://torontosun.com/opinion/columnists/oliver-canadians-need-to-wake-up-to-our-buried-energy-riches">http://torontosun.com/opinion/columnist ... rgy-riches">http://torontosun.com/opinion/columnists/oliver-canadians-need-to-wake-up-to-our-buried-energy-riches

[Thiel]

Opposition to resource development in Canada makes no sense.

[Anonymous]

My husband's company might move their Calgary operations because of industry killing actions of the provincial and federal governments.

 

[Wazzzup]

Opposition to resource development in Canada makes no sense.

the "environemtal" left opposes all fossil fuel development, in knee-jerk fashion, no matter what it is.

[Anonymous]

Opposition to resource development in Canada makes no sense.

the "environemtal" left opposes all fossil fuel development, in knee-jerk fashion, no matter what it is.

Big enviro  money from the USA and probably the Middle East is sparing no expense to make sure Canada does not get access to global markets.

[Anonymous]

There is no socialist party anymore in Canada.The NDP has been taken over by rich progtards who don't need to work and don't want anyone else to either.

[Angry White Male]

Opposition to resource development in Canada makes no sense.

It does if you're an Indian or a White lefty for some reason...  however, I'm not sure how these two groups figure their welfare cheques will get funded, should industry die.



They are happy to take money, these two groups!  Oh are they ever!  And they all of a sudden don't care then, where their wellie cheques came from!



The real issue is, is why a nation gives so much consideration to two small groups that contribute essentially nothing.