EDITORIAL: PM must focus on energy sector
With Prime Minister Justin Trudeau’s attention focused on the upcoming United Nations summit on climate change in Glasgow, Scotland starting Monday, here at home Canada’s fossil fuel industry — oil, natural gas and coal — is helping to keep the Canadian economy afloat.
The federal government reported earlier this month that Canada recorded its third consecutive monthly trade surplus of $1.94 billion in August, more than double the July figure, mainly on the strength of energy exports.
“Total exports increased 0.8% in August to $54.4 billion, a third consecutive monthly gain … with energy products rising the most.
“Exports of energy products increased 5.1% in August to $12 billion, the highest level since … March 2014.
“Finally, exports of natural gas rose 13.6% in August, mostly due to higher prices, which have risen each month since April.”
This isn’t surprising.
Compared to last year’s devastating trade numbers, the world is now scrambling for fossil fuel energy sources as countries begin to recover from the COVID-19 global recession.
Canada has all of them in abundance.
We’re the world’s fourth-largest producer and third-largest exporter of oil, fourth-largest producer and sixth-largest exporter of natural gas and 13th-largest producer and seventh-largest exporter of oil.
So what’s Trudeau doing to ensure our energy sector continues to prosper?