“You’re seeing massive outflows of capital from Canada to the U.S. – and you’re actually seeing capital from the world, globally, leave Canada and go elsewhere.”
As the policies of the Trudeau government continue to devastate the Canadian energy industry, it’s becoming starkly clear how bad things are getting.
Now, here’s what Steve Laut, the executive VP of Canadian Natural Resources, is saying about the situation:
“We’re basically in Canada, the U.K. and offshore west Africa. I will say that we’re doing our budget right now and clearly the U.K. and offshore Africa look much better than Canada for investments. We’re still working it out, but they look much better. You’re seeing massive outflows of capital from Canada to the U.S. – and you’re actually seeing capital from the world, globally, leave Canada and go elsewhere. We’re just not competitive.”
Now, the U.K. and West Africa are not normally seen as oil industry powerhouses. Meanwhile, Canada has a gigantic amount of oil reserves.
The only way Canada could seen as a worse place for investment than the U.K. or West Africa is for the government to be actively damaging the Canadian energy industry, which is exactly what’s happening.
Billions of dollars of potential wealth are being squandered, jobs are being lost, and an entire province is being betrayed. As I keep asking, how much longer will people put up with this?