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View Michel Boudrias Profile
BQ (QC)
View Michel Boudrias Profile
2020-03-09 11:33 [p.1773]
Madam Speaker, regardless of what people may think, we sympathize with our Conservative colleagues' concerns about the effects and economic impact of the energy sector slowdown. We realize that western Canada's economy is largely energy-based.
I do not know whether my colleague is aware that the reason this oil is not competitive on the international market today comes down to three key factors. The first is that it takes the equivalent of four barrels of oil to produce one barrel of this kind of oil, so production is non-competitive right off the bat when the price per barrel falls below $50 or so.
Since 2012, Saudi Arabia has literally cut the price of its oil by raising taxes within its own country to guarantee international dumping. Thanks to those two factors, Canadian oil is not competitive right now and probably will not be for quite some time. That is a business reality, not a political reality under the circumstances.
I understand the local and social concerns this can cause, especially on an economic level, but has my colleague considered any potential transition solutions for his province?
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