U.S. President Donald Trump has been trying to talk down oil prices during a war in the Middle East.

Federal Natural Resources Minister Tim Hodgson is trying to talk up increasing Canadian oil production to help strained global markets.

It may sound like a grand idea, but I don’t think anyone is buying in — at least, not until the clogged Strait of Hormuz is fully reopened and, domestically, Canada bolsters its export capabilities for oil.

“It’s nauseating to read a response like that. Our ability to respond is exactly zero,” said Eric Nuttall, senior portfolio manager with Ninepoint Partners, which invests in Canadian energy producers.

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“All hat and no cattle.”

There’s not much Canada can do in the immediate term to supply additional oil to the world, as the country doesn’t have a strategic petroleum reserve — like the United States — and still imports foreign crude into parts of Eastern Canada, noted former Alberta premier Jason Kenney.

“We can’t contribute to the immediate price crisis, but we can help to stabilize global energy markets for the long term, if we finally get cracking” on needed policy changes, Kenney said Friday in an interview.

“As one of the energy richest countries on Earth, policy has not aligned with that fact . . . Realistically, there is nothing Canada can do to move the dial on increased shipments.”

Global oil prices continued to climb this week, as the war in the Middle East intensified and Iran........

© Calgary Herald