Juno News - Gas prices SURGE despite Carney's promises

00:00:00.000 Global oil prices have hit $100 U.S. a barrel, sparking fears of inflation and a shock to the

00:00:11.180 economy. The attack on Iran by U.S. and Israeli forces has rattled the world's energy markets.

00:00:18.580 Iraq, Kuwait, and the United Arab Emirates have cut production, unable to export through

00:00:24.880 the Strait of Hormuz due to Iranian threats against tankers. President Trump posted this

00:00:32.040 on social media. Short-term oil prices, which will drop rapidly when the destruction of the

00:00:40.060 Iran nuclear threat is over, is a very small price to pay for USA and world safety and peace.

00:00:47.660 Only fools would think differently, President DJT.

00:00:52.880 Now, Prime Minister Carney says Canada has so far been left out of the loop as far as the Iran war goes.

00:00:59.760 We have not received any request for such assistance.

00:01:04.400 We were not consulted before it began. We're not engaged in the conflict.

00:01:08.600 We do not intend to engage.

00:01:11.040 Meantime, now back from Germany, Conservative leader Pierre Polyev has sent a letter to Prime Minister Carney

00:01:16.360 calling for an emergency energy supply plan

00:01:19.620 designed to ease the global supply crisis.

00:01:22.940 We also posted this on Axe.

00:01:26.100 The war in the Middle East has shut down oil and gas suppliers.

00:01:30.840 Our allies are scrambling for the energy we have.

00:01:34.600 Now we need an emergency energy production plan

00:01:38.060 to fuel our friends abroad and power paychecks at home.

00:01:42.560 Polly have also held a news conference in Ottawa today.

00:01:46.560 None of the gas that the Germans are bringing in comes from Canada.

00:01:49.560 All of it comes from the United States.

00:01:51.560 And that is because in the last decade, the Americans have built eight LNG export terminals.

00:01:57.560 We've built one that was permitted by Prime Minister Stephen Harper.

00:02:02.560 And we have none on the East Coast.

00:02:05.560 In other words, we can't even reach Europe with our gas,

00:02:07.560 despite the fact that we have more than the Americans,

00:02:10.560 that it's cheaper to liquefy here due to our cold weather and it takes half the shipping time to go

00:02:16.400 from the east coast of canada to germany than it takes from the u.s gulf coast shorter shipping

00:02:22.880 less energy requirement more abundant resources and yet we're delivering zero under this liberal

00:02:28.800 government while the americans are delivering 95 percent of german natural gas needs our guest

00:02:34.960 Yesterday is former long-time Liberal member of Parliament and President for Affordable Energy, Dan McTague.

00:02:41.160 Welcome, Dan.

00:02:42.340 I'm Mark. Great to be here.

00:02:44.020 And I wish there was other circumstances as well.

00:02:46.220 But, hey, I'll take it any way I can get it.

00:02:49.080 Well, it is interesting to watch the rollercoaster ride that our oil prices, I guess it hit, what, $119, $120 yesterday.

00:02:57.800 Then it, I guess it leveled off a little bit.

00:03:01.520 I mean, it's going to do that over the next few days, I suspect.

00:03:05.920 Well, yeah, it's the last real emergency supplies you can throw at it to stop the market from marching towards $120, $130 a barrel.

00:03:15.760 The release of supplies from the strategic trolling reserves of several countries, notably the United States, will have the effect of tempering oil futures and activists who've been trying to push those prices up.

00:03:30.840 We saw last night, you know, oil, as you know, in the 120 range, Asian markets.

00:03:36.360 I didn't react to that because what happens over there is minuscule compared to what happens in North America and Europe.

00:03:44.660 And sure enough, the trading dropped dramatically down to about $10, $11 a barrel.

00:03:48.560 Now it's trading at about $3 a barrel.

00:03:51.520 And that really means that they've all bought the idea that you and I discussed last week,

00:03:56.020 that you can release oil from the strategic petroleum reserve and as a result uh everything

00:04:00.740 will be fine that's great but what happens in two weeks and uh i think markets gonna come back to

00:04:06.980 this point of getting very nervous as the uh it's a little bit like having a car in the middle of a

00:04:12.020 blizzard in the winter you're freezing so you turn on the you turn on the battery and wear that down

00:04:17.380 so you can get a little bit of comfort and uh before you know it everything's completely shot

00:04:21.780 off. Yeah, I think that's probably the best weapon that Iran has is high energy prices, high gas

00:04:28.760 prices, once these things translate into the kind of prices that Americans are going to be

00:04:33.580 objecting to, Canadians are going to be objecting to. It's going to maybe lead to some pushback

00:04:40.800 against the Trump administration's continuation with this war. The pressure is going to be

00:04:45.480 mounting on him to, I guess, stop the attacks, along with Israel.

00:04:51.860 I think that's probably Iran's best hope here, because their military has all been, well,

00:04:57.660 it's pretty much been wiped out, Air Force, Navy, certainly if you believe Trump.

00:05:01.520 I mean, how is this going to translate into gas prices in the near term?

00:05:06.820 Well, it really depends, again, on where we're heading as far as oil and gasoline futures.

00:05:14.000 Right now, they're only up about maybe $0.065 a gallon.

00:05:19.340 Last night, they were up about $0.20, $0.25 a gallon.

00:05:22.500 That works out to about $0.11, $0.10 a litre.

00:05:27.540 And right now, we'd be lucky we'd see a $0.02 a litre increase come Wednesday.

00:05:32.780 So, yeah, it is all over the map.

00:05:34.300 But I think traders are kidding themselves if they think that using the reserve,

00:05:38.960 although you do need to use it at some point

00:05:42.260 is somehow going to be a solution

00:05:45.060 to what could be a very long protracted conflict

00:05:48.240 that I think you quite readily pointed out

00:05:50.020 is in Iran's favor to try to hold out as long as it can

00:05:53.320 to do its maximum damage to the global economy

00:05:55.900 as it likely means that oil without the reserves

00:06:00.920 would be marching towards $140, $150 a barrel.

00:06:04.200 That's always likely.

00:06:06.700 So sooner or later, I think someone's going to have to,

00:06:08.960 throw in the towel. The question is, will it be the United States or will it be Iran?

00:06:15.120 In the meantime, Canada is sitting back. We've got these huge reserves and yet there's not a

00:06:20.440 whole lot more that we can do based on the infrastructure that we have as far as pipelines

00:06:24.840 go. And so we've got this post by Pierre Pagliav, he's the leader of the Conservative Party of

00:06:30.700 Canada. The war on the Middle East has shut down oil and gas suppliers. Our allies are scrambling

00:06:35.960 for the energy we have, now we need an energy, an emergency energy production plan to fuel our

00:06:43.980 friends abroad and our paychecks at home. All well and good to say, but I guess you can't just

00:06:50.400 snap your fingers and make all of that happen. And the liberals, the government seems to be in

00:06:54.980 no hurry to respond to this or any other crisis. What do you think? Well, look at this time before

00:07:01.700 the crisis began, it took 136 pennies to buy a U.S. dollar. Now it's taking about 135. We've only

00:07:07.660 increased one penny in relation to this massive increase in the price of oil, which has gone from

00:07:14.140 $67 a barrel to just about $95, $99. Take your pick. Depends, changes by the hour. The reality

00:07:21.840 is that in the past, we've always had the petrogler to protect us. Why is that important,

00:07:27.000 Mark, because as prices go up, they're priced in U.S. terms, the stronger the dollar, the less the

00:07:32.380 impact. And so Canadians need to understand the effect of 10 years of, because it's 2015 and we

00:07:38.640 like to block pipelines and we like to saddle our number one export when the world would, could use

00:07:44.940 a lot more natural gas and oil and our products has led us now to a circumstance where we're going

00:07:50.900 to have to pay a very heavy toll in price. And no, not for the trendies out there who don't drive.

00:07:55.680 Well, I don't, I drive an EV or, you know, I don't drive at all.

00:08:00.780 Yeah.

00:08:01.180 How's food costs going to come?

00:08:03.000 How do you think it gets delivered by stork?

00:08:04.940 As far as EVs are concerned, the tires, which are highly polluting, far more than any internal

00:08:09.780 combustion engine, the polymers, the resins, the paint, the glass, all this is made with

00:08:14.760 oil.

00:08:15.480 So anybody, and extracting all those rare earth minerals and processing them doesn't

00:08:19.340 happen, you know, by the wage of wave of magic wand, because we don't live in a world of

00:08:23.700 make-believe.

00:08:24.160 They're done by hydrocarbons.

00:08:25.680 So for some of these people,

00:08:27.600 let's simply make sure that they shake your head a little harder.

00:08:29.880 I know it rattles when you do that,

00:08:31.620 but the reality is that for a lot of these individuals,

00:08:33.980 we have really pooched the Canadian economy

00:08:36.520 and you've heard Canadians doubly so

00:08:38.660 because we no longer have the petrodollar to shield us

00:08:41.460 and we're now paying the full price of our ignorance

00:08:44.500 in elbows up trying to determine

00:08:47.320 that we can somehow stick us,

00:08:49.340 you know, put a fork in everyone else's eye,

00:08:51.520 especially the United States,

00:08:52.500 by saying we don't need to sell any more oil

00:08:54.540 and we can trade with other countries that really don't care for Canada, haven't really given much interest to it of late.

00:09:02.120 Unfortunately, this is going to mean many, many months of higher inflated prices, especially for food, for all the trendies out there that don't drive.

00:09:11.580 Yeah, you make such a great point about inflation.

00:09:13.460 I mean, food inflation in Canada is already higher, way higher than it is, say, in the United States or other G7 nations.

00:09:21.120 So Canadians are going to feel the pinch.

00:09:23.720 And it didn't have to be this way.

00:09:25.980 I mean, if we had built those pipelines that were on the books and were going to be built,

00:09:32.540 if we could have done that, I mean, we'd be in so much better shape.

00:09:36.420 But oddly enough, I just don't think the liberals, despite all of that, have any interest in really changing approach or tact.

00:09:46.140 and you can ask yourself why, but the country would be so much better off if we were to have

00:09:55.700 that infrastructure and the world would be better off. The world would have access to all this

00:10:01.140 Canadian energy and whatever happens in the Gulf, it would certainly have an impact, but it wouldn't

00:10:06.740 be do or die because they'd have our supply to make up the lack of supply that is now not going

00:10:14.680 through the Strait of Hormuz. You know, I just see it as such a lost opportunity for Canada on the

00:10:23.500 world stage. And then you have Prime Minister Carney lamenting the fact that we weren't notified

00:10:29.480 by the Americans on the attack and we played no role at all. Well, that's because we've let our

00:10:36.140 energy potential slide to such a degree. We could have been much bigger players than we are. And

00:10:44.660 And I think we've become smaller on the global stage as a result.

00:10:48.920 What do you think?

00:10:50.260 Canada's had more positions on this particular issue, to use an expression that one of my former colleagues in the House of Commons used many years ago.

00:10:58.860 We've had more positions on the Iran conflict than the Kama Sutra.

00:11:02.780 And so I think it tells you something about how misguided Canada has been because of the woke DEI ESG agenda, which has infiltrated, which has poisoned, which has infected our way of thinking and our way of behavior.

00:11:20.640 And as a result, well, you know, I suppose for the trendies and the albozos out there, their big pensions will somehow pay and offset the impact that everybody else is going to have to pay.

00:11:32.520 but the coulda, shoulda, woulda, you know, Mark, you and I have talked about this for six or seven

00:11:38.240 years. I'm actually tired of thinking about the times we mentioned it. We warned people. We said

00:11:43.200 you cannot bring about the net zero climate agenda and be worried about that somehow changing the

00:11:49.580 weather, you know, worried about what we exhale, what cows do and all these other things. No one

00:11:55.180 else in the world is bothered with this. No one else in the world is afflicted with this. No one

00:11:58.780 else is burdened by this, but our brainwashing is now going to lead us to a point where I'm going

00:12:04.560 to choose. Is it the rent? Is it the mortgage? Is it the car payment? Is it the fuel? Or is it the

00:12:11.200 food? Can't have all anymore. You've decided to vote that way. And I hope those elbows up don't

00:12:17.560 prevent you from reaching deeper in that pocket to pick out that lint by what you're going to be

00:12:21.280 able to pay for your next meal. Yeah, there is such a difference between the boomer that tend to

00:12:29.300 support Mark Carney. I mean, a lot of boomers don't. And I hear about them. I hear from them

00:12:33.800 all the time saying, well, I'm a boomer and I didn't support the liberals. I'm not going to

00:12:38.300 vote for Mark Carney. But the fact is that a lot of them have supported the liberals in the last

00:12:43.640 election and polls suggest will continue to do so for whatever reason. So there's this huge chasm

00:12:50.200 between that crowd which says we're fine thank you very much and that's all we care about and

00:12:57.480 all other canadians who see us going into a recession you know jobs are an issue the

00:13:04.200 immigration file is a disaster now and we still don't have the kind of energy infrastructure

00:13:12.040 that we need to help cover the mounting costs of health care and education and the rest of this

00:13:18.280 it just doesn't make any sense to me as i look at it all so it certainly is frustrating if you're

00:13:23.800 not amongst that select few that select group of canadians who admittedly are powerful due to the

00:13:32.280 numbers there and and economic clout that they have the boomers you're not part of that you're

00:13:37.720 kind of on the outside looking in wondering what the future holds because we are very close to if

00:13:43.560 not already in a recession and this is not going to help the oil going through the roof is not

00:13:51.080 going to help canada at all in terms of our economy is it no look at your look at your

00:13:57.720 portfolio look at the value of your home look at the value of your assets out the window but mark

00:14:03.160 you know you hate to say it you damn well voted for it you know you um you plan this

00:14:08.840 you cheerfully voted for this you can damn well pay for it and you know what my heart

00:14:12.680 we use toilet water for those people what do you make of what Pierre Polyev has come forward with

00:14:20.200 which is uh he sent a letter to the prime minister saying that you know we need some

00:14:24.840 kind of an emergency plan here and you know let's have a debate on this on the topic so far i've

00:14:31.160 seen precious little in the way of interest for the liberals to do any such thing

00:14:35.400 i believe how the prime minister may still be on the other side of the world asia is

00:14:38.680 you know you're you're driving uh at 140 kilometers an hour you know the car can go to 200

00:14:46.960 you see a wall dead ahead of you and you know an impossible barrier and rather than slowing down

00:14:53.560 or turning around you just step on the accelerator close your eyes and go a bit faster i mean

00:14:57.980 there's no way of changing the attitude of these very ignorant people until we all suffer and that

00:15:06.680 suffering is is mounting whether it's and i mentioned real estate whether it's the number

00:15:11.160 of people who can't get jobs who can't get education who can't really hope to do anything

00:15:17.960 in this country the alternatives are pretty grim and they're pretty real and as much as we want to

00:15:23.720 get around this this is what a country in decline looks like with the arrogance of those who delivered

00:15:29.640 and sold us this uh you know willing to go even further in their damage you see that from liberals

00:15:35.000 are turned around and say, oh, you're worried about food prices, climate change. You're worried

00:15:38.880 about temperatures outside, climate change. You're worried about more people going and using safe

00:15:44.620 injection sites, climate change. Heck, the color of my hair is due to climate change. What is wrong

00:15:49.960 with these people? We have become infantile. Maybe the tragically hip got it right in their song,

00:15:54.340 The 100th Meridian, a generation so much dumber than its parents came crashing through the window.

00:15:59.160 That's what we're dealing with today. Well, polls suggest that people still like them.

00:16:04.320 And if there's an election, I mean, if an election were held today, there's a possibility, a strong possibility, based on the polling, if you see the results of the Leger poll recently, Abacus, and others, that the Liberals would win big.

00:16:18.240 So whatever he's doing seems to appeal to enough Canadians that they think that this guy's worth keeping around.

00:16:25.440 I guess it's just a question of whether or not the Liberals are going to be tempted by those polls to pull the plug and head to the polls.

00:16:32.620 but that can always backfire.

00:16:35.600 Well, yeah, I worked for the Liberals in 1987

00:16:38.280 when they tried to pull a stunt like that

00:16:40.020 and they wound up giving the thing to the NDP.

00:16:41.980 But, you know, just that's it.

00:16:43.820 Look, check their bank accounts.

00:16:46.280 Maybe they got foreign investments.

00:16:47.840 Who knows?

00:16:48.360 Maybe they're planning to leave.

00:16:49.480 Maybe they don't have much exposure to Canada.

00:16:51.920 But there isn't much left for people to find redeeming

00:16:56.800 about what's happened in Canada economically

00:16:59.360 as a result of our blind pursuit of global agendas, driven by a guy who doesn't even invest

00:17:05.740 in Canada, whose wife lives in the United States, whose kids live in the United States,

00:17:09.680 and whose company Shanghai did out of Canada and went to the United States as a sort of a sop to

00:17:15.200 Donald Trump. Yeah, you know, it seems to me that we can't fight ignorance until, of course,

00:17:21.120 ignorance stifles itself. And that's exactly what's going to happen. These people are heading

00:17:25.760 for a cliff they know it's there and it'll be fun to watch them go so vote as you will vote

00:17:32.080 yourself into property and do not blame anybody else other than your ignorant selves how do people

00:17:37.980 support canadians for affordable energy covenant site affordableenergy.ca actually we try to save

00:17:43.840 people some money by having the gas prediction site and also giving pop no nonsense no holds

00:17:48.920 barred well researched thorough opinions about where we are heading and why the country is heading

00:17:54.880 in the wrong direction we've been saying this now for seven eight years and people didn't believe

00:18:00.560 us at first they believe us now we've got a lot of followers we need more we need your involvement

00:18:04.960 but we also need you to be purposeful in terms of our agenda to say we know this is wrong and this

00:18:10.520 is how we can turn it around and it isn't simply a political decision it now comes down to a social

00:18:15.040 decision we need to change the minds of those who have nothing but evil and selfishness motivating

00:18:20.800 their decision as to how they're going to vote for more of this woke DEI ESG net zero nonsense

00:18:27.180 that is shredding Canada. Dan, thank you so much for coming on the show. We appreciate it.

00:18:32.880 It's good to be here, Mark. Thanks for having me. And if you enjoyed this show, consider supporting

00:18:37.500 great independent journalism by becoming a premier member of Juno News. Go to junonews.com

00:18:43.960 backslash straight up. That's the name of this show, junonews.com backslash straight up. It helps

00:18:49.200 keep us doing what we do. We'll see you next time.

Juno News - March 09, 2026

Gas prices SURGE despite Carney's promises

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