Revaluing our Natural Resource Industries

Rex Murphy is one of Canada’s greatest orators and defenders of its energy industry. During the Vancouver Resource Investment Conference, he made a passionate speech about the historical and economic importance of Canada’s resource industries. Underlying his argument was the need to reappreciate our resource industries and acknowledge its importance to Canada’s economic wellbeing.

Overlooked in the polarized debate about Canada’s energy industry is its contribution to our economic foundation. Canadians were pioneers at creating the technology, innovations and infrastructure necessary to develop and transport natural resources. Now, the very industries that supply today’s wealth and modern way of life are unfairly regulated and scrutinized. In recent years we have lost the ability to embrace our resource industries and recognize the immense contributions they have made to Canada’s prosperity.

Without our energy industry, we would not have the modern resources, technology and fundamentals of a prosperous society. As oil and gas pioneers we have experience and history that enables us to evolve and discover more efficient and sustainable methods of exploration and production. In doing so, we produce oil and gas under some of the highest safety, labour and environmental standards in the world (Tertzakian, 2018). Yet, the industries that support energy consumption and operate under these standards are constrained under intense criticism by policy makers and special interest groups.

There is no other industry in Canada more heavily regulated and scrutinized than our energy industry. Mr. Murphy said it best: “the very industries that helped us build Canada are now the only ones under a microscope, that have no friends, that policies work to repress.” A movement led by special interest groups has been successful at controlling a message about Canada’s energy industry with the goal to dissuade investment and landlock our resources. These groups have forgotten how this country was built and Canada’s role in the larger energy industry. Decisions made at the political level place regulatory burdens that restrain growth and takeaway capacity. It’s time that we revert to sensible regulations and appreciation of our energy industry that supports employment and contributes to Canada’s economic prosperity.

Sources:

Cambridge House International Inc. (January 25, 2019). Has Trudeau Destroyed Canada’s Resource Future? Retrieved from: https://bit.ly/2TAWJem

Tertzakian, Peter (June 12, 2018). Finally, a thumbs-up for Canadian oil — but will anybody notice? Financial Post. Retrieved from: https://bit.ly/2HO0qqF