Canada's Energy Potential Held Back by Its Own Policies
The Strait of Hormuz is a critical energy corridor that has been affected by Iran's actions in the ongoing war. This has led to increased oil and gas price volatility, as it's a vital route for major energy producers like Saudi Arabia, the UAE, and Qatar.
Canada can leverage its abundant resources to help boost global supply and contribute to global energy security. However, due to Ottawa's onerous policies, it's unable to secure the investment needed to expand its energy industry.
Investment in Canada's oil and gas sector has dropped significantly from $84.0 billion in 2014 to $35.7 billion in 2024, a 57.5% decrease (inflation-adjusted). Preliminary data suggests that investment in 2026 will remain below 2024 levels.
The government's policies, including Bill C-48 and Bill C-69, are blocking the way for Canada to become an energy 'superpower', according to Prime Minister Carney. These bills have slowed down the approval process, making it difficult for projects to get approved.