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Natural gas prices in North America are approaching a 3 year high - demand is high internationally.

by Phil Harris

Natural gas prices in North America are approaching a 3 year high - demand is high internationally. While the current price of $4.26 US per mmBTU is great for North American producers, internationally Europe and Asia are paying $15 US and importing as much as they can.

Meanwhile, Quebec refuses to approve a new LNG terminal - a $9 billion project that would have allowed Canadian gas producers to ship LNG to Europe. Not only would this have been a boon to Quebec, a boon to gas producers in BC and in Alberta, but it would have contributed significantly to the Canadian economy.

The Trudeau government has made permitting of pipelines and facilities so difficult, many companies have pulled out of the Canadian market. This despite the fact that Canadian oil and natural gas provided $105 billion to Canada's gross domestic product (GDP) in 2020, supported more than 500,000 jobs across the country in 2019 and provided $10 billion in average annual revenue to governments for the period 2017 to 2019.

Oil and gas represent almost 20% of Canada's exports - and we are missing an amazing market opportunity becuase of virtue signaling by the liberal government. A strong oil and gas sector is necessary for the Canadian economy to recover from the tragedy of the liberal government spending during Covid.

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