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So my guess is that Trudeau will throw copious amounts of tax dollars into the questionable Newfoundland oil project to prop up his pal and Liberal cronies with contracts there, while continuing to spite the West’s struggling oil industry because they are Tories.
The only good news is that Western Canada’s oil sector is not a sunset industry. Its prospects may be lousy in the short term, but not in the medium to long term. Oil will continue to dominate the world’s energy mix for several more decades to come, according to the International Energy Agency. This means prices will increase again and some analysts predict that they will likely jump upwards of 115 per cent from where they are by the end of the year. Alberta is also blessed with brilliant entrepreneurs, innovators and an enviable work ethic.
Yet a recent Statistics Canada report blames the federal government’s damaging energy policies for contributing to the 35 per cent decline in oil and gas investment over the past five years and massive job losses. It forecasts that investment could shrink by another 40 per cent this year and another 220,000 jobs could be lost.
If that happens, then all bets are off in terms of national unity.
This weekend, when I read about the merger, I recalled the promise of the past. It’s been 34 years since Li Ka Shing was welcomed and feted in Calgary for investing, and believing, in Canada. Oh how times have changed.
