In a recent interview with Canadian psychologist Jordan B. Peterson, Conservative Party leader Pierre Poilievre noted some important facts about Canadian oil.
The whole 11-minute interview is worth watching.
Some highlights:
4:10: The nature of the Canadian trade surplus. “Yes, it is a ripoff. Canada is ripping itself off.”
4:25: Canada’s entire trade surplus with the United States is due to oil and natural gas.
4:30: Canada exports $120 billion in oil and gas to the United States at enormous discounts to market prices.
4:40: The reason: “We have been so stupid.”
4:50: Because of various restrictions, Canadians have not been able to develop the infrastructure to refine and transport energy to world markets.
5:10: So Canadians are stuck. Canadians sell a barrel of oil to Americans for a discount of 10 to 40% off the world price.
5:20: Until recently, Canada sends 99% of its oil exports to America.
5:40: Canada sells all its natural gas to the United States because Canada doesn’t have a natural gas liquefaction terminal.
6:20: If he becomes Prime Minister, Poilievre intends to approve refineries and LNG plants.
6:30: If Trump wants to make America richer, the last thing he should do is block Canadian energy from going into his marketplace. (DRH note: Poilievre understands international trade; I don’t think Trump does. When Trump sees cheap imports, this co-author of The Art of the Deal thinks it’s not a deal.)
6:45: Why Trump should approve the Keystone Pipeline.
7:20: Should have more trade in electricity.
8:15: Trudeau refused to cooperate with German and Japanese governments on natural gas. (So says Jordan Peterson: I haven’t checked this.)
9:14: What do you do when someone throws money out a window? Great answer.
9:50: The integrated economy–an automobile crosses the border 8 or 9 times.
The accompanying picture is of Poilievre.
