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Canada stands alone as a secure and reliable energy partner as the conflict in Iran upends supplies around the world
Original: financialpost.com/commodities/energy/oil-gas/canadas-oil-what-world-needs
Many are watching the current conflict in the Middle East with grave concern, and we hope that it can come to an end as quickly as possible with minimal loss of life. But if it does not, there will be extreme hardship to follow.
The conflict has already caused a severe energy shortage, with shipping through the Strait of Hormuz at a standstill and energy fields being shut in.
While nations around the world, including our friends and allies, struggle with this unprecedented energy crisis, they are also seeking more secure and reliable energy suppliers. But is there a solution to this greater issue of energy security?
Of the nine largest proven oil reserves in the world, five are located in the Middle East conflict zone: Saudi Arabia, Iran, Iraq, Kuwait and the United Arab Emirates. Two are politically unstable states: Venezuela and Libya. One is an undemocratic regime locked in a years-long war: Russia.
But one country remains untouched by conflict and stands alone as a secure and reliable energy partner — Canada.
The solution is Canada. It should have always been Canada. It will always be Canada.
Alberta boasts the world’s fourth-largest recoverable oil reserves, holding more than 177 billion barrels of oil that is valued at more than $12 trillion based on today’s prices.
Albertans have advocated for some time that if Alberta — if Canada — does not supply the world’s need for energy, then anti-democratic regimes such as Russia will. Begrudgingly, this reality we have warned against is playing out before our eyes in real time.
Last week, a special deal was cut with India so that it can buy oil from Russia because it can’t get oil from its traditional partners in the Middle East, even though we know that Russia is taking those proceeds to fight a war in Ukraine. This should be unbelievable, but, unfortunately, it’s a reality we’ve seen coming for some time.
A lost decade of stalled development under the leadership of Justin Trudeau has put Canada behind. His anti-resource policies shut in Canada’s production instead of supplying our abundant natural resources to our friends and allies.
If we had built pipelines instead of blocking them, we would have an additional 2.5 million barrels of oil a day in pipeline export capacity. Not to mention it would have also equated to an additional $21 billion in annual gross domestic product and $15 billion in annual revenues for provincial and federal governments.
But to Albertans, to industry, to Canadians and to our friends and allies, there is renewed hope that Canada will finally take its rightful place as a leading global energy superpower.
After years of advocacy and months of negotiations, the federal government has reversed the vast majority of its destructive, anti-resource policies — the “nine bad laws” — and agreed to recognize a new Indigenous co-owned oil pipeline to the West Coast as a project of national interest.
The best time to build a pipeline was 10 years ago, but the next best time is now.
We must build new pipelines west, east, north and south — without delay and without hesitation — to supply Asian, European and American markets with safe, reliable and responsibly produced energy products.
We must tell our friends and allies around the world that we will double our oil and gas production by 2035 to supply the world with eight million barrels of oil per day. And we must make it known to the world that they will know no greater, more reliable, more secure energy partner than Canada in the 21st century.
But it’s not just Alberta’s oil and gas that the world needs; it’s critical minerals such as British Columbia’s germanium and metallurgical coal, Ontario’s copper and antimony, Quebec’s aluminum and gallium, Manitoba’s nickel and Nova Scotia’s lithium.
It’s also Saskatchewan’s uranium and potash, New Brunswick’s refined petroleum and forestry products, Newfoundland and Labrador’s crude oil and Nunavut’s, Yukon’s and the Northwest Territories’ gold and diamonds.
However, to realize our potential of becoming a leading global energy superpower, Canada must encapsulate our true pioneer spirit.
The world no longer just wants Canadian energy; the world needs Canadian energy.
We must develop our resources not just for the sake of Alberta or Canadians. It must be done for the sake of the world to ensure a safe, reliable and secure supply of energy.
Alberta is ready to get to work. Let’s get the job done.
Danielle Smith is Premier of Alberta.
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