Does Canada Have Energy Security?
The escalating conflict in Libya and other Middle Eastern countries has again reminded us of the volatility of the oil market and the importance of having a secure and stable energy supply. The International Energy Agency recently estimated that Libyan production thus far has been cut by between 850,000 and one million barrels per day. As a comparison, Canada’s oil sands output last year was just over 1.5 million barrels per day. While the market can generally bear this loss in the short term, analysts warn of increased complications if the Libyan crisis is prolonged or if there are further supply disruptions in other countries.
As consumers, we are reminded of the instability on a more personal level every time we go to the pump. We all find it a bit of a shock to be paying more than $1.15 per litre with the dog days of summer still far in the distance. But it’s not only our gas budgets that are taking a hit. Small businesses, charities and air travellers all feel the pinch of rising fuel costs.
Politicians in the United States have also taken note. Recently, Republican Senator Richard Lugar was quoted as saying, “Volatile oil prices are a threat to United States’ economic recovery and dependence on foreign oil limits our foreign policy choices. The State Department must work to diversify supply routes and boost our energy trade with reliable and transparent allies such as Canada in place of shaky and sometimes hostile suppliers.”
U.S. Secretary of State Hillary Clinton also said she is “generally supportive” of increasing American oil imports from Canada.
These types of events serve as a reminder that Canada is a safe, secure and friendly energy provider. Most Canadians do not give energy security a moment’s thought. We simply take energy for granted. Without the 178 billion barrels of oil reserves Canadians sit on, energy security would very quickly become a national concern in a country with very cold and very long winters.
Canada has a resource- and export-driven economy that must transport its goods to markets over vast distances. If it weren’t for ongoing oil sands development, Canadians would be exposed to even more dramatic cost increases when it comes to food, home heating, transportation and other goods. It could even result in fuel shortages.
We can all be comforted by the fact that Canada is an energy-producing nation. And not only oil sands rich but endowed with many other sources of energy including coal, natural gas, hydro and uranium power. We should be grateful for the entrepreneurism and technical talent of Canadians who have brought these sources to use and made Canada what it is today…an energy secure country.



















