Nuttall Warns MPs: Canada's Oil Exports Imperiled by Supply Crunch
Veteran energy investor Eric Nuttall appeared before the House of Commons standing committee on natural resources to make a case for more Canadian oil exports and pipeline capacity.
Nuttall framed his argument as an economic and strategic imperative, warning MPs that failing to act would leave Canada poorer and less secure in a tightening global oil market.
He pointed to a looming supply crunch driven by peaking U.S. shale growth, declining non-OPEC production, and limited spare capacity from OPEC, saying 'We live in a world where the demand for oil continues to set record highs.'
Nuttall noted Canada's position as the 4th largest oil reserve holder globally and its high environmental standards, stating 'Canada is gifted with nothing to apologize for.'