The recent protests in New Brunswick against proposed hydraulic fracturing (fracking) has put a spotlight on the Elsipogtog (Elsi-book-took) First Nation, which has been extremely vocal in its opposition to proposed shale gas exploration. But however sincere these protests, they are ultimately misguided.
Alberta Premier Alison Redford and B.C. Premier Christy Clark recently announced a "framework agreement" on the proposed Northern Gateway oil pipeline, removing what was seen as a serious barrier to development.
A pair of petroleum-related events in Canada has re-invigorated the public debate over the movement of petrochemicals such as oil and liquefied natural gas.
The recent native protests in New Brunswick against proposed hydraulic fracturing ('fracking') are not only devoid of facts but harm the potential for prosperity and lower personal taxes. Add in the anti-fracking frothing in neighbouring Nova Scotia, and also in Quebec, and it adds up to ill-advised provincial policies, this despite the safety of fracking.
Before detailing the potential for a lighter personal income tax burden if more resource development was allowed, here are the facts on hydraulic fracturing for oil and gas.
As almost everyone knows by now, Canada has some interesting challenges looming when it comes to transporting increasing oil production to markets both inside and outside of Canada. What many Canadians might not realize is how important oil exports are to Canadas economy. Canada has the worlds third largest proven oil reserves, is the fifth largest exporter of crude oil, and is the fifth largest producer of crude oil in the world.