Canadian Prime Minister Stephen Harper said on Tuesday the energy sector can rest easy that his government will not impede plans to vastly expand the country’s oil sands output and ship some of the crude to Asia.
Harper, in his Western Canadian home base of Calgary on the morning after his Conservatives won big in the federal election, singled out the Western-based oil industry as being a beneficiary of his party’s pro-business agenda, which will also include corporate tax cuts and deficit reduction. Investors greeted the result with relief.
(Via Sondra K via V the K.) Do hope President Obama is paying attention and intends to follow the lead of our neighbor to the North. If he moves to unfetter oil exploration, instead of spiking, oil prices might start to decrease.
Mark Tapscott explains why “Oil prices suddenly plummeted from their historic high of $145 a barrel” on July 14, 2008:
Because that was the day President George W. Bush signed an executive order lifting the moratorium on off-shore drilling in the eastern half of the Gulf of Mexico and off the U.S. Atlantic and Pacific coasts. Overnight, the price per barrel of oil plunged, and that plunge was reflected at the pump soon thereafter.
In other words, Obama could with the stroke of a pen sign an executive order telling his appointees at EPA, the Department of Interior and the Department of Energy to stop throwing up obstacles to increased U.S. oil and natural gas production and instead work with the energy industry on a crash program to “drill here, drill now.”
Seems the Canadian Prime Minister is more aware of what happened when the immediate past American president moved to allow more oil exploration than is the incumbent.