While the country’s Central Bank may have managed to offset some of the tougher sanctions, the West’s economic broadside has caused long-term damage to “Fortress Russia”.
Every time Alberta’s energy-based economy goes into a tailspin, it’s because the price of oil has declined precipitously, and when it booms, it’s because the price has soared.
New relationships between energy, geopolitical security and climate change policy flowing from the invasion of Ukraine are beginning to emerge, and the implications could be enormous.
If Canada chooses to keep its oil in the ground, it doesn’t mean turning off the tap overnight. Skilled trades will be key to winding down the industry and building up new lines of work.
Nord Stream 2 is a pipeline that will deliver Russian gas to Western Europe – and, by extension, increase Putin’s influence across the continent. That makes Ukraine and some other countries nervous.
President Joe Biden’s executive order could be fatal to the Keystone XL pipeline. The Canadian oil sector now has no choice but to innovate to survive.
Recent industry reports indicate that we may be approaching peak global demand for oil. If that’s the case, the federal Conservatives may need to rethink their electoral strategy.
Research into income trusts shows that they once helped increase investments in oil and gas. They could do so again — but this time targeted towards low-carbon technologies.