The Globe and Mail reports in its Tuesday, Oct. 25, edition that it is vital for Canada to
build oil export pipelines to the
coasts of British Columbia and Atlantic
Canada. The Globe's guests columnist Patricia Mohr writes that many Canadians
are unaware of how important this is to our
economy.
Canada owes its economic prosperity
to trade and crude oil dominates.
In 2014, before the oil-price
downturn, oil generated a $70-billion trade surplus, far outstripping
any other export category,
and virtually covered large,
chronic deficits in autos and auto
parts,
machinery and equipment and electronics.
Even at the bottom of the oil
price correction early this year,
crude remains the largest positive
contributor to Canada's merchandise
trade, contributing more
than $30-billion annualized in net
export revenue as of August. Canada's
trade performance shifted
from surplus to deficit in 2015 and
is currently minus-$23.3-billion,
with the impact of the oil-price
decline not nearly offset by an advance
in non-oil exports. Strong oil
export revenue has much to do
with the ability of governments to
fund social services across Canada.
Western Canada's forte is
heavy oil.
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