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With the World’s Oil Supply Squeezed by War, It Is Vital to Unleash Canada’s Enormous Energy Resources

With the World’s Oil Supply Squeezed by War, It Is Vital to Unleash Canada’s Enormous Energy Resources
Motorists fill up at a gas station in Montreal on March 8, 2022. The Canadian Press/Paul Chiasson
Gwyn Morgan
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Commentary

Oil prices have risen to a staggering US$120 per barrel in the wake of Russia’s invasion of Ukraine. But that’s not a record in real-dollar terms. Inflation-adjusted oil prices reached the same level in 2013, driving a supply response that temporarily lowered prices. World oil demand steadily increased, reaching a record 100 million barrels per day before the COVID collapse.

Gwyn Morgan
Gwyn Morgan
Author
Gwyn Morgan devoted three decades to building North America’s leading oil and gas company. When he stepped down as founding CEO in 2006, EnCana Corporation had an enterprise value of approximately $60 billion. Gwyn has served as a director of five global corporations including HSBC. He was appointed a Member of the Order of Canada in 2011.
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