Report: Canada Falling Behind In Global Energy Race


Taxes and regulations imposed by our “leaders” are letting our competitors beat us in the energy sector.

You would think that political “leaders” would be grateful to see Canada gifted with tremendous natural resources, and would do everything to make sure those resources benefit the Canadian people.

But instead of taking advantage of our tremendous abundance, actions by the federal government and provinces are damaging our economy, and causing Canada to fall behind our competitors when it comes to building our energy industry.

Tim McMillan, head of the Canadian Association of Petroleum Producers recently told BNN about how government actions are causing Canada to lose importance in the global energy market.

“What we’re hearing is pretty consistent that Canada is slower to approve projects, that it’s more challenging, that some of the rules that seem transparent aren’t as transparent as they seem once investments are made,” says McMillan. “I think that we need to be very thoughtful and conscious of what we’re hearing because it’s consistent around many different sources.”

Portfolio Manager Eric Nuttall recently shared similar concerns.

Said Nuttall, “There’s such profound sentiment headwinds as a result of both provincial and federal government [measures,]. Whether its carbon taxes, royalty regime changes and pipeline takeaway issues: we don’t get that in the U.S., we get the same commodity exposure, with equally good fundamentals without all that noise.”

This is a serious problem, and it completely destroys the narrative pushed by many political elites that says Canada is simply a “victim” of changes in the global energy market.

While lower oil prices certainly have an impact on Canada, the correct response to lower prices is to lower the cost of producing oil and make it easier to get it to market.

Instead, those in power – including the Trudeau and Notley governments – have imposed more regulations, and added carbon taxes that add to the costs of production. As a result, Canada’s energy industry is squeezed from both ends: Higher costs to produce and lower prices.

Our politicians are letting our country get beaten by our competitors, which will do severe damage to our fiscal future, and hurt middle income and working class Canadians. For Canada to achieve our full potential prosperity that will need to change, which means we need leaders who will put the interests of Canada first above all else, rather than pander to globalist elites.

Spencer Fernando

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The elites want to hide their many failures behind political correctness, deception, and manipulation. We need to push back and spread the truth.

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