92 Billion

92 Billion

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This page is dedicated to the financial impact on Canada when we fail to develop export pipelines. Much of what we are losing  is due to the discount we receive on our oil, this amounts to millions of dollars a day.

According to Desjardins, Canada will lose 92 billion dollars from 2008- 2020 due to the oil discount. This amounts to $2,548.48 per Canadian!

Links to further reading:


Economic Cost of Canadian Oil Price Discounts Counted in Billions of Dollars

“We're losing hundreds of millions of dollars that's going to subsidize drivers in the United States”

https://www.cbc.ca/news/canada/calgary/canadian-oil-price-discounts-impact-1.4901147

Pipeline Shortage to Cost the Economy $15.6 Billion This Year: Report

“Reliance on the existing pipeline network and rail shipments to bring Canadian oil to market has a demonstrable impact on Canada’s well-being, with consequences that extend well beyond Alberta”

https://business.financialpost.com/commodities/energy/a-self-inflicted-wound-pipeline-delays-to-cost-canadian-economy-15-6b-in-2018-says-scotiabank

Rachel Notley Says Canadian Economy Losing $80 Million a Day Because of Oil Price Gap

“We will lose that $80 million tomorrow and the day after and the day after, as long as this price differential remains in place”

https://business.financialpost.com/commodities/energy/experts-to-work-with-energy-industry-on-oil-price-solutions-for-alberta

The REAL Cost of Unemployment in Alberta – Read an Oil & Gas Worker’s Story – Wendy Ferguson

“I am one of those unemployed people, who have been out of work for the past 3 years. I have done everything from applying everywhere to networking to taking help in resume crafting. I have 5 years of work experience, hard working and a qualified engineer with a M.Eng degree in Chemical and Petroleum Engineering, but none of those means anything.  I tried switching industries, but no one is willing to give me a chance in any new field.  I feel stuck and helpless.”

https://energynow.ca/2018/10/the-real-cost-of-unemployment-in-alberta-wendy-ferguson/

Canada’s Stockholm Syndrome

"While the price of (West Texas Intermediate) oil has long since rebounded from its 2016 lows, and while Americans are producing record amounts of not only oil but also natural gas (the latter reducing emissions from coal-fired power in the United States), Canadian energy firms are still in the fire-sale dumpsters with Western Canadian Select and local natural gas prices both at depressed lows."

https://markmilke.com/blog/2018/10/12/canadas-stockholm-syndrome

'Nail in the coffin': Oilpatch boosters demand Ottawa overhaul 'terrible' Bill C-69

https://www.cbc.ca/news/politics/c69-regulation-overhaul-1.4830334

'Borderline Treasonous': Oil Executives Sound Alarm as Foreign Investors Flee

"Oil and gas executives say two letters sent to PM should create sense of urgency that Ottawa needs corrective action quickly"

https://business.financialpost.com/commodities/energy/borderline-treasonous-oil-executives-sound-alarm-as-foreign-investors-flee

Oil-Price Collapse Took Bigger Toll on Canada Than First Thought

"Canada’s economy suffered even worse than previously reported from the massive decline in oil prices that began in 2014"

https://www.bloomberg.com/news/articles/2018-11-08/canada-says-gdp-grew-3-in-2017-pares-gains-for-2015-and-2016

Varcoe: 'Crazy, crazy, crazy' — producers fret as discount on Canadian crude costs billions

“When we were cancelling pipeline projects over the last decade, this was the end result we should have expected.”

https://calgaryherald.com/business/energy/varcoe-crazy-crazy-crazy-producers-fret-as-discount-on-canadian-crude-costs-billions

O'Toole: Ontario Needs Alberta

"Canadians must realize that the success of our resource sector benefits all Canadians. Manufacturing, professional services and support jobs in Durham and across Ontario already depend on this sector and there is potential for even more growth from the west. The pipeline debates are not just about the West, they are about the future of Canada. This year, Canada will receive $15 billion less in revenue for our resources because of the lack of pipelines."

https://torontosun.com/opinion/columnists/otoole-ontario-needs-alberta

Canada is truly losing. We hope the graphics below can illustrate the cost


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