Canada’s minister for energy and resource development, Tim Hodgson, was in Calgary on Friday speaking to members of the Canadian Association of Energy Contractors about his government’s commitment to the future of Canadian energy.
“This government and Canadians now understand that energy is the engine of Canada’s economy,” said Hodgson.
At a sold-out luncheon, the minister cited an abundance of natural resources — from oil and gas to critical minerals and potash — as why Canada can continue to be where the world gets its energy.
“We have some incredible cards,” Hodgson noted. “We need to play those cards well. We need to make sure we play them in a coordinated way so Canada gets the best outcome.”
On Thursday, U.S. President Donald Trump approved the Canada-Wyoming oil pipeline. More commonly known as Keystone XL, it has renewed the thought of more Canadian bitumen moving to the Gulf Coast.
“On a market basis alone? Yes, it makes sense,” explained Robert Johnston, director of energy and natural resources policy at the University of Calgary School of Public Policy.
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“The U.S. is a huge refining market, not only for their own market, but also those big refineries export gasoline, diesel, and jet fuel to the global market, which right now is quite important.”
But even with the potential Keystone XL holds, Calgary Chamber of Commerce president and CEO Deborah Yedlin says nothing is certain.
“What we have to be mindful of is that this is going to be one of a few options that producers will be continuing to focus on,” Yedlin said. “Because we’ve been twice bitten on this route.”
While the recently-signed memorandum of understanding between the federal and provincial governments has been helpful, Yedlin stressed more could be done to reassure producers.
“It also hinges on regulatory certainty from a production standpoint,” added Yedlin. “We still don’t have that. What we really need is the regulatory certainty for companies to increase production.”
Recently-announced investments into the trades, as well as major project approval process, are some of the ways the federal government is aiming to provide support. There’s also the push to build a pipeline to the West Coast, which Hogson says should make finding a deal with the U.S. less lopsided in their favour.
“If we like the deal we have with the Americans, awesome. We’ll keep in sync. If we end up in a bad place? Let’s have alternatives.”
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