Ottawa, September 17, 2013 — Canada is failing to access world markets for its energy products. In a report released today, the Canadian Chamber of Commerce highlights how Canada’s lack of infrastructure is preventing Canadians from maximizing their potential benefits in energy markets. Entitled $50 Million a Day, the report stresses how this situation is costing us millions of dollars every day and documents the already enormous loses Canada is experiencing. With U.S. demand declining, the report warns that it is only a matter of time before it starts to really hurt the Canadian economy.
“Canada’s failure to diversify its energy market is leaving millions of dollars on the table every day,” said Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “We are at a critical point. What’s at stake for Canada is millions of jobs, tax revenues and other economic benefits. The cost of inaction is enormous.”
What $50 million a day means to Canada
- In one day, $50 million could pay for the Saint-Laurent Sports Complex in Montreal ($43 million).
- In two days, $50 million could pay for a year’s worth of medical, laboratory and drug supplies for the Hospital for Sick Children ($72 million in 2013).
- In three days, $50 million could pay for one year of funding for the federal government’s Homelessness Partnership Program ($119 million per year).
Oil and gas, its transportation and its environmental and social impacts have become one of the most pressing policy debates of the last few years. The report lays out key facts every Canadian needs to understand about the issue. It is time to have a balanced discussion about what it means to be an energy nation in the 21st century. The lack of reliable access to tidewater for oil and gas and its attendant effects on the Canadian economy is a key barrier to competitiveness with negative implications for the nation.
“Balancing the essential contribution oil and gas makes to our standard of living with environmental and social responsibility is not easy. Decisions on the future of Keystone XL, oil traffic by rail, East-West pipelines and improving our environmental performance while increasing our economic growth are just some of the difficult decisions we face. The choices we make will shape our economy for years to come,” concluded Beatty.
The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing some 200, 000 businesses of all sizes in all sectors of the economy and in all regions. Follow us on Twitter @CdnChamberofCom.