14:04:21 EDT Mon 16 Mar 2026
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ConocoPhillips (COP) BMO CDR (CAD Hedged)
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Globe says Exxon, others told energy crisis on the way

2026-03-16 09:11 ET - In the News

See In the News (C-XOM) Exxon Mobil CDR (CAD Hedged)

The Globe and Mail reports in its Saturday edition that the signs of an energy crisis are here, threatening the global economy. The Globe's triple-bylined item, led by Jason Kirby, reports that Alberta's oil fields are not directly connected to Eastern Canada. Crude oil is transported via the Trans Mountain pipeline to the West Coast, then sent to the Panama Canal and then back to Canada on the East Coast. As well, we mostly send our crude south to the United States for refining and then bring it back to power our economy. Concern over rising prices and energy security is leading to crisis behaviours like rationing and hoarding. So far, these are mainly seen in other parts of the world. If the crisis persists, triple-digit oil prices could harm Canadian consumers. The conflict initiated by the U.S. and Israel against Iran, and Iran's retaliation by bombing its neighbours and vessels in the vital Strait of Hormuz, has caused what the International Energy Agency calls "the largest supply disruption in history." In North America, consumers and businesses sensitive to inflation are experiencing sticker shock at the pump and for airline tickets, with broader impacts likely if the crisis continues.

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