In ‘energy superpower’ Canada, 43% of people cutting back on heating due to cost

Heather Exner-Pirot, Senior Fellow at the Macdonald-Laurier Institute, said this week the worst energy shock in history is transpiring and inventory is about to bottom. Germany, South Korea, India, and China are all coming to Canada for LNG in the same two-year period. The Carney government extended its regulatory consultation period and pushed legislation to the fall. Meanwhile 43% of Canadians are cutting back on heating or cooling to save money. In one of the most energy-rich nations on earth.

Topics covered:
► Heather Exner-Pirot's assessment that the worst energy shock in history is transpiring with inventory about to bottom, and Germany, South Korea, India, and China all seeking Canadian LNG in the same two-year window, while the Carney government extended its regulatory reform consultation period and pushed legislation to the fall

► The Angus Reid poll showing 72% of Canadians say their utility costs increased over the past year, 43% have cut back on heating or cooling to save money, and 38% have been forced to choose between energy bills and covering other household expenses

► The extraordinary contradiction Jim and Iain identify: Canada has possibly the most natural resources per capita of any country in human history, the second largest landmass on earth, the third largest oil reserves, enormous natural gas and uranium reserves, and 43% of Canadians are rationing their heat

► Elizabeth May and Steven Guilbault's Globe and Mail op-ed arguing the world is moving off fossil fuels, published the same week Bloomberg described a natural gas renaissance driven by AI data centre demand, with Jim and Iain asking whether to believe activists with a financial interest in Chinese solar panels or cold-hearted US investors who follow the money

► Tony Wakeham, Premier of Newfoundland and Labrador, saying his government will always be proud of the oil and gas industry and that Newfoundland apologizes to nobody, with Jim and Iain noting the complete absence of the media frenzy that would follow if Danielle Smith said the exact same words

► The Carney government's Major Projects Office and regulatory reform discussion paper, followed by an extension of the consultation period, with Jim and Iain arguing the iron is hot right now with Germany, South Korea, India, and China all seeking supply, and Canada's window for signing contracts and locking in buyers is open today

► Jim's moral argument about energy poverty: Steven Guilbault and Elizabeth May have never had to turn down their thermostats to save money, they take money from Canadians who do, and use it to fund policies that make energy poverty more frequent for the people least able to absorb it

► The US restarting coal plants in Maryland, Alaska, and West Virginia using $200 million redirected from green energy programs, with Jim's argument that in the context of US-China geopolitical competition, energy security is life or death and there is no room for climate activism that leaves your people cold and your economy dependent on adversaries

Should Canada be signing energy contracts right now while Germany, South Korea, India, and China are all at the table?

Let us know what you think in the comments.

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