Lately, foreign oil has been gaining an advantage over Canada’s energy sector.
The fact is, when governments raise costs on our oil and natural gas producers, we lose jobs to other countries.
Capital investment in Canada’s energy sector has dropped about 44 per cent since 2014. Meanwhile, capital spending in the United States has surged by 38 per cent thanks to a streamlined regulatory system.
According to a recent report by Scotiabank, a lack of pipelines and discounts for Canadian oil could cost the economy $15.6 billion in 2018 as we sell our product at a major discount to our American customers – now our biggest competitors.
In 2017, Canada spent about $17 billion to import foreign oil into Quebec and Atlantic Canada from the United States, Saudi Arabia, Azerbaijan, Norway and Nigeria.
There is no crude oil ban on foreign tankers on our Atlantic coast, but we ban crude oil tankers on any potential Canadian oil on British Columbia’s northern coast.