Pumpjacks draw out oil and gas from well heads near Calgary in a file photo. Jeff McIntosh/The Canadian Press via AP, File
Pumpjacks draw out oil and gas from well heads near Calgary in a file photo. Jeff McIntosh/The Canadian Press via AP, File
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News Analysis
Ottawa said last week it would do its part to ease upward pressure on oil prices amid the Iran war, but with no strategic reserve and limited capacity to boost production and exports, its impact may be limited.
This has fuelled a long-standing debate about whether Canada, as a major oil producer, should further develop storage and transport infrastructure for domestic stability and economic growth.
Amid conflict in the Middle East and the resulting disruption to the global oil market, Conservative Leader Pierre Poilievre has called on Ottawa to establish a strategic oil reserve. Prime Minister Mark Carney, meanwhile, has responded that Canada, as a net oil exporter, doesn’t need to.
