Gwyn Morgan: Hard facts puncture anti-fossil fuel fantasies

Since the first UN COP meeting in 1995, world oil demand has increased from 64 to 100 million barrels per day. But even as demand increased, the “environmental, social and governance” movement encouraged investors to unload their oil industry holdings. Faced with share valuations reflecting their perceived status as a “sunset Industry,” the rational course for oil company leaders was to pay out large dividends rather than reinvest in production growth. As demand grew, supply therefore stagnated.

Meanwhile, back in the world capital of “if you only believe” fantasies, the prime minister of a country endowed with one of the world’s largest reserves of oil has presided over a seven-year long anti-oil industry scourge, thwarting multiple proposed export pipelines that could now have been supplying those captive market countries.

Sharing his anti-oil zealotry seems to be a necessary qualification for Mr. Trudeau’s cabinet. Alberta Premier Jason Kenney recently went to Washington to present the Senate Energy Committee with plans to increase Canadian oil exports, thereby freeing-up more U.S. oil to help Europe reduce Russian oil purchases. The idea received a warm reception.

It’s incomprehensible that during a global oil and gas shortage brought on by the wanton destruction of a civilized democracy, our prime minister thinks all will be well if only Canada rids itself of fossil-fueled vehicles. Deep in delusion, he considers this a perfect time to announce a plan to have 60 per cent of new cars and light duty trucks be “zero emission” by 2030.

When you live in a perennial state of fantasy, facts don’t matter. But here are facts that do matter to Canadians forced to face the real-world impact.The federal budget promises a $5000/vehicle rebate. There are 24 million gasoline and diesel-powered vehicles in Canada. Subsidizing replacement of just one million would cost $5 billion. The budget also contains $900 million for new charging stations.

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