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Lorne Gunter: Meager federal Liberal commitment to help bring down world oil prices exposes lack of planning, infrastructure

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When federal Energy Minister Tim Hodgson says Canada will “do its part” to assist the international release of oil reserves to bring down oil prices, keep gasoline reasonably affordable and stem inflation, the minister is probably not being deceitful, merely deliberately confusing.

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The International Energy Agency (IEA), has said it will release 400 million barrels of oil from member countries’ strategic reserves to stem the rising prices of oil worldwide caused by the United States’ war on Iran.

But Canada doesn’t have strategic reserves — not any. Indeed, we were given an exemption by the IEA from the obligation of member countries to store at least a 90-day supply in case of worldwide shortages or price spikes.

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The United States has a huge reserve, nearly 400 million barrels stored in enormous salt caverns below Texas and Louisiana. China is thought to have an even bigger reserve, perhaps a billion barrels.

Japan, India, South Korea, the U.K., France and other EU countries have oil stored equal to between 20 and 90 days of domestic demand. It is expected all of them will contribute to the IEA’s efforts to stabilize prices.

But not Canada because, as I said, we don’t have a reserve.

So what does Hodgson mean by promising Canada will “do its part?”

The Carney government means a 140,000-barrel a day increase from the oilsands beginning in April. It can be used to help some of the countries that will release oil to replenish their reserves.

At best, the Liberals are being disingenuous, attempting to look tougher or more helpful — more committed to the war effort — than they truly are.

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This Tuesday, Defence Minister David McGuinty clarified that Canada has no intention of lending a hand in the war region, not servicing planes or supplying bases or protecting refineries.

Speaking at a press conference in Toronto, McGuinty admitted Canadian Armed Forces members are working in the region but insisted they are “not engaged” in the “prosecution” of the war against Iran.

He underlined that Canada has “not participated” in the conflict and has “no intention of doing so.”

Given our total indirect contribution to the oil release will be 23.6 million barrels and our average daily production in 5.3 million barrels, our commitment is not quite five days’ worth.

That’s not nothing, but it’s not exactly a deep commitment.

It is, however, consistent with the Liberals’ overall attitude towards the war (Carney was first in favour until his left-wing caucus protested) and towards oil and gas, and the environment. Once again, Carney’s left-leaning MPs are against any increase in oil or oilsands production, so he is left needing to do something but being forced to do the smallest amount he can get away with.

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Also, expect the Liberals to declare the real emergency is still climate change and reduce oilsands production by the same amount they have just authorized (140,000 barrels a day) once the IEA release is completed.

They’re still Liberals, and they’re as anti-oil as ever.

I wish Canada was doing more for the overall international effort and that we had the capacity to do more. We don’t have strategic reserves from which to draw on immediately and we have no pipelines to get the oil where it needs to go.

But having said that, my desire for Canada to help comes only from a wish to help our allies and to see the murderous regime in Tehran brought down.

I have no real desire for our country to help out U.S. President Donald Trump, and it was Trump who created this mess in the first place.

There was no particular reason to attack Iran now and obviously no overarching plan by Trump on how to end the war.

So we don’t need to help him out with boots on the ground or planes in the air. With oil reserves, we’d be helping ourselves and our Western allies more so than Trump.

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