My Morning Rant: “Hyping oil now will lead to harping down the line”

[“Given the state of the EU, it needs all the economic help from Alberta and Canada it can get, including decently priced petroleum that doesn’t come from a country where they chop people’s heads off every Friday afternoon.” Feb. 25, The London Free Press, in an editorial borrowed from the Edmonton Sun]

I think it’s safe to say, you know your country is in economic and environmental trouble when it has to hype its tarsands oil projects to make a buck.

About the hype: It isn’t just in the news in the city and province rich in toxic tarsand, i.e., Edmonton, Alberta. It’s here in oil-depleted Ontario, and across Canada.

And thanks to the dogged determination of our Prime Minister, the hype has reached China’s and Europe’s shores and several other countries around the globe, particularly countries that still have money and economic wheels to grease.

Enough with the hype.

Surely most of us instantly recognize that “decently priced petroleum” is a gross exaggeration. A quick peek at oil prices over the last century reveal a steep upward climb in the last three decades, especially since 2005. However one wishes to paint the portrait of oil prices - in acrylic, water colour or oil - I predict it won’t end well.


[Please click to view details - History of crude prices]


That being said, however, as supplies of easy oil dwindle in more apparent fashion and the price per barrel of crude continues its steady march past $100 toward $200, the ‘Made in Canada’ hype will perhaps grow less desperate, as China and a few other major buyers ink deals for long-term, oil-based economic security (if there is such a thing, when we consider so few countries have a back-up plan). Then the PM will perhaps be able to sit down, relax a bit, unpack his suitcase and take his kids to a hockey game.

Unfortunately though, after the time of hyping, the time of harping will no doubt begin in earnest.

More to follow.

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