Election Musings
By: Mike Doyle, President, CAGC
Article originally published in the Fall 2015 version of CAGC's quarterly magazine, The Source. Entire magazine and original article can be found here: https://www.cagc.ca/resources/source_magazine/1503/
From The Thursday File
Article originally published in the Fall 2015 version of CAGC's quarterly magazine, The Source. Entire magazine and original article can be found here: https://www.cagc.ca/resources/source_magazine/1503/
As I write this we have seen twelve (12) months of a downturn caused
mostly by the price of oil however the price of natural gas has languished for
more than five (5) years so with both down our Canadian Industry is very much
challenged to survive. Supply of oil continues to outpace demand and in some
sense the Saudis feel they can outlast Non-OPEC producers (Canada included) and
maintain their market share going forward. In the past when they have lowered
output to keep the price of oil up it has encourage Non-OPEC producers to
increase output.
Canada is the world’s fifth largest combined oil and gas producer.
Of all major hydrocarbon producing jurisdictions, Canada is the only one facing
active and vocal domestic and international opposition to gaining international
market access for its crude, for the sole purpose of lowering global emissions.
(Bloomberg- August 3, 2015) — Canadians head to the polls on Oct. 19
for the 42nd time in the country’s history.
Prime Minister Stephen Harper faces the fight of his political life,
with his Conservatives deadlocked in the polls against the left-leaning New
Democrats and the centrist Liberals.
On the world stage, Harper champions budget austerity within the
Group of Seven, often pitted against the U.S., and is one of the fiercest
critics among western leaders of Russian President Vladimir Putin.
Opponents say Harper’s fractious relationship with President Barack
Obama has hindered the approval of TransCanada Corp.’s Keystone XL pipeline
project, with environmentalists accusing him of moving Canada in the wrong
direction.
A victory in October would make Harper, 56, the first Canadian prime
minister in more than a century to win four consecutive elections, and would
entrench his agenda of cutting taxes, promoting the commodity sector and
reducing the reach of the federal government.
Harper’s chief rival is Tom Mulcair, a 60-year-old lawyer who leads
the New Democrats, a party with socialist roots that broke through in the 2011
election and now has a chance to take power nationally for the first time.
Mulcair became leader in 2012 and spent much of the previous
parliament as Harper’s interrogator, with his cross examinations of the prime
minister earning him accolades and a nickname: “Angry Tom.”
The party’s Achilles heel is economic credibility. The Conservatives
will attack Mulcair as hostile to the nation’s oil industry and a
free-spending, risky leader at a time when the country needs Harper-style
fiscal discipline.
The NDP promises to:
·
continue
opposing the Northern Gateway pipeline; it initially supported the concept of a
west-east pipeline, but said Energy East can’t be approved without a stringent
environmental review process; opposes the Keystone XL pipeline.
·
create
a cap-and-trade system with a market price on carbon emissions; revenue from
cap-and-trade would be invested in a greener energy sector in regions where
dollars are generated.
·
work
with provinces to create a fund to help Canadians retrofit their homes and
offices to save energy and money.
·
redirect
$1 billion a year from fossil fuel subsidies to investment in the clean energy
sector.
·
invest
in Sustainable Development Technology Canada including wind, hydro, solar and
geothermal technologies to create thousands of new jobs for Canadians.
For more than a century, Canada’s Liberals were the party to beat.
Harper has chipped away at that dominance since he took power in 2006, reducing
the Liberals to just 34 seats in 2011, the least ever. For salvation, the party
turned to Justin Trudeau, 43, the son of one of the country’s iconic prime
ministers, Pierre Trudeau. His support has whipsawed, soaring soon after he
became party leader in 2013 before plunging this year to third place. Harper
has attacked Trudeau — the youngest party leader by more than a decade — as
unqualified. Now Trudeau faces a daunting task: He must counter the attacks,
revive his poll numbers and win back ground from the NDP. Some fear failure
would marginalize the centrist party for good and fuel American-style
polarization of the political system between the right and the left.
The Liberals promise to:
·
continue
to oppose the proposed Northern Gateway pipeline; support Energy East and
Keystone XL pipelines.
·
put
a price on carbon pollution that allows provinces to design their own carbon
pricing policies.
·
partner
with provinces and territories to establish national emissions reduction
targets.
·
invest
millions in clean technologies and enhance tax measures to create more green
jobs.
·
introduce
an environmental review process with more “teeth.”
·
hold
a First Ministers’ meeting with premiers within 90 days of the Paris UN climate
change conference in December to establish a framework for reducing Canada’s
carbon footprint.
·
increase
the amount of Canada’s protected marine and coastal areas to five per cent by
2017 and 10 per cent by 2020.
·
phase
out subsidies for the fossil fuel industry.
·
along
with the U.S. and Mexico, develop a North American clean energy and
environmental agreement.
The Alberta election suggested an “Anything But Conservatives”
response with a shift to the left in voter demographics. This may play into
Federal thinking as well that brings in a more activist government in terms of
files that effect our industry. Change always comes with a cost on the economy
(a carbon tax lowers GDP by way of example) that may or may not be recouped in
the future.
Even the darkest night will end and the sun will
rise.
Victor Hugo, Les Misérables
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