You cannot scroll through the internet without running into news about tariffs and trade wars between the U.S. and Canada. Right now, they’re paused but who know what’s going to happen tomorrow.
If you’re like me and found yourself confused at first, here’s a simple breakdown: tariffs are taxes or duties imposed by the government on imported and exported goods. They are often used to make foreign goods more expensive, encouraging consumers to buy domestic products.
In our case, the U.S. has imposed tariffs on Canadian oil and energy exports, making it harder for Canada to sell to American markets. Since the U.S. is Canada’s largest export destination, this could have serious effects on our economy. However rather than seeing it as a setback, this could be the very push we need to diversify and expand our trade instead of being so heavily reliant on America.
Expanding our trade to markets in Asia and Europe will provide us with enough flexibility, while still strengthening our economy, creating better Jobs and building a more resilient energy sector.
Pipelines are the backbone of Canada’s energy sector. Every day, millions of barrels of oil and gas move across the country through a vast network, yet few stop to consider their impact. They are so ubiquitous that they are often overlooked, but with the right investments, they could drive economic growth, enhance energy security, and spur innovation.
Over the years, multiple pipeline projects have been set in motion, but they have repeatedly faced roadblocks. Some were halted by specific challenges while others never made it past the legislature. These challenges have rendered many projects futile, notable examples being the Energy East Pipeline and the Northern Gateway Pipeline.
The Energy East Pipeline proposed by TransCanada was a project that would have served to reduce our reliance on the U.S. and expanded our exports to markets in Europe, thus strengthening our energy independence. It would have provided a huge economic boost as it was estimated to generate over $55 billion. It would also have created over 14,000 direct and indirect jobs just during construction.
Though challenges have stalled projects like Energy East, stronger regulatory oversight could allow for responsible pipeline expansion. It is said that there is a new attitude in Quebec towards pipeline projects, and that itself could be a game changer.
There has always been a need for more infrastructure and pipelines to strengthen and diversify Canada’s economy. With direct pipeline access between provinces from coast to coast, we wouldn’t have to rely solemnly on U.S. pipelines as much to transport oil to refineries in Ontario and Quebec. Building a self-sufficient network could be a game-changer for Canada’s energy future.
There is still a very bright future for Canada’s energy sector. This fork in the road is causing us to re-evaluate our approach. Expanding the pipeline system, would not just empower the economy; it would also serve as a building block towards a great future. Canada’s economic future should not be dictated by a single trading partner. By building a self-sufficient energy network, we can create jobs, expand trade, and secure our place as a global energy leader.
Sign up for updates about our work at YCR. Please sign up using a personal email and not a work or school email if possible.
"*" indicates required fields
The B.C. government and other provincial governments have a valuable opportunity to pursue a more economically advantageous strategy by utilizing domestic resources to create value-added products and services…
Many young people are aware of Canada’s strong energy sector. But what happens to the energy Canada exports? Why does it matter? Here are five positive impacts of Canada’s energy
As governments accelerate efforts to diversify energy sources and transition towards innovative alternatives, hydrogen is emerging as a promising resource for Canada’s energy future. With its abundance, energy density, and