G7 Leaders Call for More Canadian Oil and Gas on Global Markets

G7 Leaders Call for More Canadian Oil and Gas on Global Markets

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Key Takeaways

A Global Call to Action: Amidst supply chain instability and the Strait of Hormuz crisis, G7 leaders are explicitly asking Canada to step up and supply the world with our reliable energy.

Coast-to-Coast Prosperity: Expanding our energy exports could create a massive economic ripple effect, supporting hundreds of thousands of jobs – from Indigenous equity partners in British Columbia to steel manufacturers in Ontario.

Funding Our Future: The billions of dollars generated by the oil and gas sector are crucial to funding Canada’s schools, hospitals, and infrastructure, taking the tax burden off everyday citizens while supporting our standard of living.

The world is sending a clear message to Canada: it needs more Canadian energy, and it needs it now.

In the wake of the ongoing Strait of Hormuz crisis, the Group of Seven (G7) has officially signalled its desire for Canada to step up and play a more significant role in global oil and gas markets. For Canadians from coast to coast, this call to action is not just a historic opportunity to generate unprecedented economic prosperity right here at home, but also to play a more critical role on the world stage.

During a recent summit in Évian-les-Bains, France, G7 leaders issued the following joint statement highlighting the urgent need for secure energy alternatives.

"We commit to accelerate the diversification of energy supply routes in order to reduce global vulnerability to the Strait of Hormuz and to increase our energy stocks. We welcome the potential for Canada to deliver significant additional capacity to global markets in the coming years."

This high-level endorsement emphasizes that, as global supply chains face instability, Canada is a preferred partner. And fulfilling this call to action would translate into huge benefits for Canadian families.

Canada's Recognized Potential

During his closing press conference, Prime Minister Mark Carney said that it’s critical for the world’s economy to diversify its energy supply routes away from the Strait of Hormuz.

"One of the points that I made in the room, in our discussions around Iran and geopolitics was: we have to apply the lessons of recent events," he said, via reporting by CBC News.

Carney said that Canada’s potential to produce more oil and gas has been recognized, and that our country is already “on the path” to increasing production with a series of major projects underway – including several LNG facilities and the potential for two more oil pipelines.

"It's quite substantial, and it's important to our European partners. It's important to our Asian partners," Carney continued.

By developing more of our oil and gas resources and building the trade infrastructure required to get these commodities to global markets, we’d be stepping up to support the energy security of our trading partners abroad. After all, they’ve been asking for years. But more importantly, we’d be taking steps to create a stronger, more resilient Canada.

Funding Our Standard of Living

Oil and gas development is critical to local communities nationwide, creating economic activity that ripples through the supply chain and into other sectors as well. It doesn’t just benefit the rig hand near Fort McMurray drilling new wells; the sector supports the small-town restaurant owner in Dawson Creek who relies on industry workers for business, and the steel manufacturer in Hamilton that supplies energy companies with plates, structures, and other products necessary for operations. It provides generational opportunities for Indigenous communities across BC that hold ownership stakes, equity stakes, or benefit agreements with projects such as pipelines and LNG export facilities.

By generating substantial government revenues, the oil and gas sector plays a more critical role in public-sector jobs than most think. We’re talking about the school teacher in Vancouver, the healthcare specialist in Montreal, or the police officer in Toronto. Think of the paramedic in Halifax who transports a loved one to the hospital for emergency treatments, or the customs officer at the Emerson border in Manitoba who keeps our country safe.

Ultimately, the billions of dollars in additional revenue generated by increased oil and gas exports would help fund our cherished social programs, hospitals, schools, public infrastructure, and the jobs that accompany them, ultimately securing a higher standard of living for all Canadians.

Just remember: every dollar generated by the oil and gas industry for our municipal, provincial, and federal governments is one less dollar out of the pockets of hardworking Canadians.

Exporting Stability to the World

Playing a more critical role on the world stage starts with being a reliable partner in times of crisis. When Canada exports more of its oil and gas, we aren't just exporting energy; we are exporting stability. Deepening our trade with Europe and Asia binds our economies more closely together, strengthens our international alliances, diversifies our economy, and elevates Canada from just a participant in global affairs to a vital, indispensable leader.

The G7's explicit request for more Canadian oil and gas should be seen as a catalyst for our nation's future. By embracing our role as a global energy superpower, we can secure reliable supply chains for our allies, strengthen our role on the global stage, and generate the wealth needed to ensure a prosperous, thriving Canada for decades to come.

Now is the time to champion our energy workers, build the necessary infrastructure, and reap the incredible economic rewards that come with being a premier energy provider to the world.

The world wants what we have. It’s time to unleash our full potential.