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Adam Pankratz: Hey Liberals, an oil pipeline would have been good right about now

Oil soars to over $100 a barrel, but Canada is not benefitting as much as it should

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The folly of Canada’s last decade of energy policy is a never-ending saga for which the costs to Canadians and Canadian industry seem only to rise. As the price of a barrel of oil and LNG skyrocket due to American and Israel military action in Iran and its fallout, Canada should be sitting on a massive opportunity to benefit from soaring prices. However, a decade of neglect and underinvestment in pipelines and egress capacity sees us looking wistfully on as other nations, such as the Untied States benefit while we toil away for little gain.

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The simple reason for the LNG and oil spike is that Iran’s retaliation has effectively shut the Strait of Hormuz. A critical link in the world’s energy supply chain, connecting the Persian Gulf with the rest of the world, around 20–22 million barrels of oil, or roughly 20 per cent of global oil consumption, passes through the Strait each........

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