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Adam Pankratz: It's not too late for Canada to become an energy superpower

Iran war confirms our allies need a stable source of oil and gas

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As the war in Iran intensifies, reports are that Canada is looking at ways to boost our oil supply to the world. Indeed even Energy Minister Tim Hodgson got in on the act saying Wednesday Canada would “do its part” to help the International Energy Agency in its release of 400 million barrels of oil from strategic stockpiles around the world and calm oil prices. Though, in typical fashion, Hodgson did not say what our “part” would be.

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Finding ways to boost Canadian oil production and supply is a positive development but comes with a problem: our options are very limited due the to the self-inflicted wounds from the government’s infrastructure decisions during the last decade and the fact that Canada, unlike other countries, doesn’t have a strategic oil reserve. This is also the reason for the non-committal leaning in Hodgson’s comments; we can’t do much more and any increase will be at the margins, not a significant improvement from where we already are.

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