Anyone in DJT Land listening?
Drill baby, drill—but only in the USA, please
With so much going on in the world, it might have slipped past some Canadian investors that the U.S. fossil fuel industry just hit an interesting milestone. America now has the honour of producing more oil in a single day than any other country in the history of our planet. Yes, even more than Saudi Arabia.
When you consider that the USA has been a massive oil importer for much of the last 70 years, it’s pretty noteworthy that the U.S. exported four million barrels of oil per day last year.
It certainly appears that investors are not shying away from providing capital to American fossil fuel companies. It also means that Canadian efforts to turn away from natural gas (despite our allies essentially begging us for more yet again this week) may not add up to much in the great push against global warming.
The USA is now the world’s largest exporter of natural gas, as well.
Wow, it’s a good thing the Keystone XL pipeline got cancelled, as it appears to have put a stop to all that American fossil fuel business—and at hardly any cost to the Canadian economy either!
Economists would argue that the best way, by far, to reduce the amount of fossil fuel being burned would be to put a tax on it. How popular is that tax on carbon these days anyway?
Clearly, the world has to decide on what sort of level playing field it wants to create in regards to the rules for carbon reduction efforts, as Canada’s attempt to go it alone doesn’t seem to be gaining much traction.
Kyle Prevost
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