A Single New Oil Pipeline Could Fund 13,000 Doctors in Canada, Says Nuttall

It is undeniable that a thriving energy sector makes Canada stronger, and building new pipeline projects provides the crucial economic foundation needed to fund the social programs we all depend on.

Testimony by Eric Nuttall, Partner and Senior Portfolio Manager at Ninepoint Partners, before the Standing Committee on Natural Resources highlighted the immense opportunity Canadians have with new pipelines. His message was clear: Canada must embrace its role as a global energy powerhouse, and doing so will unlock unprecedented economic prosperity for Canadians from coast to coast.

Nuttall emphasized the undeniable reality of growing global energy needs and the limitations of current global supplies. He said for Canada, it isn't just a business opportunity, but a moral and economic imperative for the nation.

Canada's Role in Growing Global Oil Demand

"We estimate that a single 1 million barrel per day pipeline would generate an additional $5 billion in new royalties every year.

This would be enough to hire 13,000 new doctors, enough to provide health care to almost 17 million Canadians."

In testimony to the Standing… pic.twitter.com/tz42Ur2q8j

— Oil Sands Action (@OilsandsAction) February 21, 2026

“The world has never before faced the energy challenge it faces now. Given an incremental 19 million barrels of demand growth by 2050, accelerating decline rates from existing fields, peaking US shale, peaking non-OPEC production, and imminent exhaustion of OPEC spare capacity, I pose this simple question: Where will the necessary future production come from?” Nuttall asked the committee.

“This is where Canada comes in.”

Canada’s oil and gas sector is a foundational pillar of the national economy. It paid $34.1 billion in royalties and taxes in 2023 alone, accounts for around a quarter of our total exports, and plays an irreplaceable role in our trade balance by helping to pay for the goods and services we import. The sector also supports 900,000 jobs.

“Canada is gifted with the fourth largest oil reserves in the world and produces 5.5 million barrels per day... We have nothing, I repeat nothing to apologize for,” Nuttall stated, emphasizing the critical importance of the oil and gas sector for Canadians – but also for our trade partners.

“This production benefits all Canadians from coast to coast through royalties and taxes.”

Canada’s Oil & Gas Sector Generates Irreplaceable Tax Revenues

To illustrate the sector's massive economic footprint, Nuttall provided a striking comparison of the revenues generated by Canada's top energy producers and its leading financial institutions.

The numbers speak volumes about the positive socio-economic impact the energy sector has on funding social programs, schools, and infrastructure that Canadians rely on daily.

“…Canada's three largest oil companies collectively paid $16.9 billion in royalties and taxes in 2025. This compares to $16.2 billion in taxes paid in 2025 by Canada's six largest banks,” he stated.

Canada Has Restricted Economic Growth Through Self-Imposed Barriers

Nuttall also pointed out that Canada has routinely stood in its own way, obstructing development and losing out on vital market share to competing nations.

“Despite this windfall, we have for the past 10 plus years purposefully and intentionally practiced economic self-flagellation, inhibiting our oil and gas sector with penalizing legislation economically, excess costs, all rooted in energy ignorance.”

“No other country in the world would do this to themselves. And all we have accomplished is willingly cede market share to other countries... at a profound economic cost to ourselves. This insanity must end.”

A New Pipeline Could Fuel Healthcare for Canadians

While the cost of inaction is staggering, he pointed out that the reward for building new infrastructure is even more monumental.

“We estimate that a single 1 million barrel per day pipeline would generate an additional $5 billion in new royalties every year. This would be enough to hire 13,000 new doctors, enough to provide healthcare to almost 17 million Canadians.”

When evaluating the global market, the metrics that matter most to international buyers are clear. Developing nations and expanding economies require energy that is accessible and affordable to lift their populations into the middle class. Canada is perfectly positioned to supply this demand while benefitting immensely here at home.

“We have an enormous opportunity in front of us, and to seize it, all we need to do is recognize one inalienable truth: The world needs more Canadian energy,” Nuttall continued.

The World Needs More Canadian Oil & Gas

“With the looming supply crisis in the years ahead, we are only one of four countries that can rise to meet the call. In a world where, despite what we are told, not a single purchaser of oil cares about the barrel's carbon footprint, but rather its affordability, availability and reliability, more Canadian oil production means a higher quality of living for all of us.”

Voices like Nuttall’s are bringing essential truths to the forefront for Canadians.

A higher quality of life is the ultimate promise of Canadian natural resource development, whether in energy, forestry, mining, agriculture, or any subsector.

Any Canadian-made products exported as a result of developing natural resources and building new trade infrastructure help reinforce our country's economic foundation. It means more funding for hospitals, better-equipped schools, lower personal tax burdens, and thriving local communities.

By championing the natural resources, we are championing the future prosperity of every Canadian.

It’s time for action. The time to build is now.

It’s time to secure our future prosperity. pic.twitter.com/OXXIqqVAOi

— Canada Action (@CanadaAction) February 26, 2026