This is what happens when a country embraces opportunity.
Since 2015, roughly $150 billion worth of oil & gas projects have been cancelled in Canada.
At the same time, our per capita GDP has languished.
Those two things are not unrelated.
When a country embraces opportunity, its citizens prosper.
When a country squanders opportunity, its citizens suffer.
Sadly, Canada all too-often continues to choose the latter.
When the leaders of Japan and Germany came to Canada seeking expanded LNG exports to help escape reliance on Russian energy, they were rebuffed by Prime Minister Justin Trudeau.
By contrast, other nations – including the United States – were glad to oblige.
And now, the United States is set to become the world’s largest LNG exporter.
As reported by the Financial Times, they should hit that mark this year, with the expansion of the Plaquemines export facility on the Gulf Coast.
This will put U.S. production over 20 billion cubic feet per day, and further planned expansions mean the U.S. will produce over twice as much LNG as the closest competitor Qatar.
As noted by Canada Action on Twitter in late 2022, “Canada is missing out.”
“Germany and China just signed long term deals with Qatar for new natural gas production starting in 2026.
Australia just shipped its first LNG cargo all the way to Europe and the USA looks to triple #LNG exports by 2033.
Canada is missing out. Big time.”
Germany and China just signed long term deals with Qatar for new natural gas production starting in 2026.
Australia just shipped its first LNG cargo all the way to Europe and the USA looks to triple #LNG exports by 2033.
Canada is missing out. Big time.#CdnPoli #CdnEcon pic.twitter.com/ycdrJmU55E
— Canada Action (@CanadaAction) December 4, 2022
The Prime Minister said there was no business case for Canada expanding LNG exports.
The significant surge in LNG sales by countries like the United States and Qatar demonstrates otherwise.
Spencer Fernando
Photo – YouTube
