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The USA recently rejected a pipeline from Canada (Alberta) to be paid for by a Canadian pipeline company, along with Alberta tax dollars plus Canadian oil at a reduced rate. Now, the USA is asking American Oil Companies to spend $100 Billion dollars in Venezuela instead.
This shift reveals a jarring irony in North American energy policy. While the U.S. shuns its closest ally, it has approved Russian oil for purchases for a 30-day window due to the latest war in the Middle East. We are overlooking a friend that prioritizes human rights and environmental regulations.
Global supply and the Strait of Hormuz
Geopolitical conflict has pushed the world to a breaking point. The Strait of Hormuz is currently shut down due to the bombing of Iran by the USA and Israel holding back 20% of the world’s daily use of oil, natural gas along with fertilizers and other many other ingredients that our civilization uses.
The price of a barrel of oil is about $100 and the world is releasing 400 million barrels of oil from the reserves hoping it may reduce the pressure.
Just imagine how less pressure there would be on the USA consumers if the Keystone XL pipeline was in operation. Oil from a friend that is produced with human rights and environmental regulations as a priority. Maybe in the place of deficit budgets that we could have balanced budgets because we are selling products that civilizations use and need.
The refined reality of the West Coast
Canada is the third-largest importer of oil from the USA. Most of it is heavy oil from Canada that has been refined into a product that is used on a daily basis in this country. In British Columbia, about 1/3 of the lower mainland’s gasoline comes from Washington state. Why?
Now that the Russian oil is approved for purchase on the market will we see Russian oil and gas in the vehicles of the Lower Mainland of BC? Russian oil coming to USA refineries before the war in Ukraine was widely reported. The practice was stopped due to buying of the oil supported the Russian war on the Ukrainian people.
The USA will reduce the Jones Act – a regulation that requires any product coming to the country must be on a US built ship for Russian oil.
A vision for a wealthier Canada
Oil is the number 1 product we sell. Now if Canada actually wanted Canadians to be richer, which they should be, we would have built more pipelines and modern refineries. These facilities could have used advanced emissions controls to serve our needs and the world’s.
We had 50 years to do it. Instead of managing deficit budgets, we could enjoy balanced books by selling the essential products that civilizations require.
How about Canada starts doing the job of improving the lives of all Canadians by not holding ourselves back? Let’s get building, Canada.
Richard MacIntosh is a Red Seal Boilermaker who worked in pulp and paper, hydro dams, oil and gas, cement, and other heavy industries. He is also a former instructor at the British Columbia Institute of Technology, he has extensive experience in trade education, union leadership, and international representation within the skilled trades. Reach him via [email protected].
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