Not enough capacity to deal with our supply.
Canadian oil has fallen to the lowest price since 2014.
According to the Financial Post, “Canadian crude’s discount to West Texas Intermediate futures has widened more than US$10 since August as pipeline companies including Enbridge Inc. rationed space amid high Western Canadian inventories. Rail cars struggled to catch up on deliveries after line disruptions over the past two months.”
An analyst said “It’s the perfect storm of too much supply and not enough capacity.”
This is lost potential wealth for our country. While the workers of the oil industry are doing everything possible to produce more oil, our pipeline capacity is lagging behind.
Even with some new pipelines being constructed, the political elites have been placing more and more restrictions on the energy sector, with an escalating carbon tax that will have more damaging consequences year after year.
They have also blocked efforts to make Canada truly energy independent, by making the Energy East Pipeline untenable, and continuing to buy oil from countries like Saudi Arabia.
At the same time, it is clear that there is strong demand for oil (despite the lies of the elites), and Canada must do far more to support our energy industry, cut red tape, eliminate the carbon tax, and bring our country the wealth, independence, and prosperity we deserve.