True Patriot Love - Canada’s Energy Bet： LNG, Refineries and Oil Reserves

00:00:00.000 when it comes to natural resources in canada it's a bit of a bad news good news story now the bad

00:00:10.320 news in a 25 year period get this between 1988 and 2023 canada spent nearly half a trillion dollars

00:00:18.560 on foreign oil imports to eastern canada and quebec but there is some silver lining as we're

00:00:24.800 in the midst of a 33 billion dollar expansion of the liquid natural gas outlet and terminal in

00:00:31.040 kitemat bc and northern bc that could turn that around paul bakuchi yeah jim thank you yeah

00:00:37.680 interesting story you know and we as canadians we talked about before the show have invested in uh

00:00:45.360 lng canada yes which is the let's say it's the future of natural gas in canada correct because

00:00:52.240 it's going to double our production like way further than we thought it's not owned by canadians

00:00:58.720 it's owned by shell and four uh chinese investors including mitsubishi a japanese firm as well

00:01:05.040 exactly so but i want to back up for a minute because i think it's important because when we

00:01:09.360 talk about lng everyone kind of nods their head and i wanted to sort of chat with you about it

00:01:14.560 because lng natural gas it goes into a lot of things right so before the show you know you

00:01:21.120 and i started having a conversation and i said to you know i know it and we we mostly know it

00:01:27.040 as canadians as home heating water building heating but you know uh generating power or

00:01:34.480 generating electricity so power generation is the single largest end use of imported lng worldwide

00:01:41.280 um don't tell that adult mcginty yeah yeah yeah yeah after regasification the gas is burned in a

00:01:50.400 combined cycle gas turbines which capture exhaust heat to drive a second steam turbine

00:01:58.800 that reaches about 50 to 60 percent efficiency amongst the highest for any thermal power

00:02:04.320 technology so many companies use gas fired power um for renewals gas turbines ramp up and down

00:02:11.360 quickly and you know natural gas has a big uh role to play in that and in many parts of the world

00:02:18.560 it's it's uh you know integral to their survival place by in the pacific realm like places like

00:02:25.720 south korea and japan i mean they rely on it desperately yeah they they do and then you know

00:02:31.920 uh as processed heat high temperature furnaces and kilns for steels glass cement ceramics and

00:02:38.580 food processing run on gas uh as feedstock gas is a raw material not just as fuel but his primary

00:02:47.380 input is an ammonia methanol and hydrogen and it feeds petrochemical plants making the building

00:02:54.020 blocks for plastics yeah and basically almost every home in canada save for a few is heated

00:03:01.300 with natural natural gas that runs your furnace there's a few that are wood few that are oil

00:03:06.660 but the majority it's natural gas right but then in the industrial world like i was mentioning

00:03:11.780 there's glass steels you know yeah they they need gas to get heat the heat temperatures um and then

00:03:18.900 like i said the when it comes to um petrochemical plants uh they need the components of natural gas

00:03:27.460 to make the petrochemicals it's important for fertilizer too and other chemicals yeah and it's

00:03:33.220 there's a lot of applications for it marine marine fuel yeah the majority of people just don't

00:03:38.180 realize yeah now in some countries we don't do a lot of it here but quite frankly long haul trucks

00:03:44.500 uh they use compressed natural gas uh for in cylinders uh for and passenger vehicles quite

00:03:52.340 frankly in some countries so you know it is big and you know when i mean some countries you know

00:03:57.140 we before the show jim you and i took a look at kind of the countries that have the most natural

00:04:02.900 gas. China being kind of the big one on the list, as we've talked about in the past,

00:04:08.820 you know, being, I think, 19% of the global share. A very quick favor before we continue.

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00:04:44.640 you now back to the show now we have um canada has approximately 1.56 trillion cubic feet of

00:04:51.880 natural gas that they can access yeah that's a huge number it is it is and i you know the plant

00:04:58.300 that we're phase two going into in lng canada is going to be the biggest plant in the world when

00:05:05.160 it gets up and running and lng canada if you go to the youtube channel you can see some videos

00:05:11.220 of the construction of this huge terminal in kitimat bc to the point that they're dredging

00:05:16.480 the harbor because the ships coming it'll be so big and the draft will be so deep they need to

00:05:22.180 make the entrance deeper and they were it was interesting they were paying fines i don't know

00:05:26.180 uh in the news recently that they were paying fines because the noise they were making dredging

00:05:32.340 the harbor and it's like 50 000 fines which is nothing compared to the project but but you know

00:05:37.700 uh very important because quite frankly once the liquefied natural gas gets uh you know uh

00:05:45.060 put together and ready for shipping you know it goes to china japan south korea india taiwan those

00:05:51.780 are the those are the major like if you look at the share they make up more than 50 percent of

00:05:56.900 the usage of natural gas in the world right now and with everything going on in the persian gulf

00:06:02.420 with iran with the horrific damage to the infrastructure even more for the it's even more

00:06:08.180 important because a lot of the facilities for refineries and natural liquid natural gas in the

00:06:14.260 middle east have been destroyed to the point it will take years before they even start up again

00:06:20.180 yeah oh i know so canada's poised in a perfect time in history to really benefit from the natural

00:06:29.060 resources we have as a country we have 1.56 trillion cubic feet of natural gas that other

00:06:35.220 countries desperately need with that revenue how much how many hospitals going to build how many

00:06:40.420 schools how much people can be helped with the money now it's interesting because 10 years ago

00:06:45.620 we passed on that yes so you know and we all know from that and give me for those viewers who don't

00:06:52.260 remember but you know we had a great opportunity about a decade ago and justin trudeau prime

00:06:59.060 minister at the time said the infamous quote there is no business model to sell liquid natural gas

00:07:05.460 even though germany and other countries in europe were put a petition wanted to do a deal and japan

00:07:11.940 and south korea wanted to do a deal quite frankly the inner circle of justin trude at the time

00:07:18.100 and stephen gilbo were so ardent environmentalist they were way way way beyond anything that even

00:07:26.260 they were not just an average environmentalist they didn't want us using or selling gas or oil

00:07:32.420 or building pipelines they wanted everything electric which is fine but it doesn't work that

00:07:37.940 way around the world and i i can't imagine how many billions of dollars in revenue for the

00:07:43.460 country was missed because of that one decision yeah well we're going to talk later about another

00:07:49.540 decision a 1980s decision but we we jim it seems like we continue to make these mistakes when it

00:07:56.660 comes to natural resources with respect to energy and yeah you know i'm going to back up for a

00:08:00.820 minute because the viewers because when you know when when i'm out and it's interesting and i'm

00:08:05.700 had a dinner party or i'm with family which are going to be in the next few days for a celebration

00:08:10.740 you know i start talking about lng and i know it's can be a little boring but but to me it's

00:08:16.260 interesting because to me it's the future uh especially on the west coast of where we're

00:08:20.420 going in canada right now and shipping and countries that we're dealing with from a trade

00:08:25.700 perspective in this tariff war um and i talked to them and they say to me well where does national

00:08:30.580 gas come from and i say well from the ground of course it's coming from yeah it comes from

00:08:35.860 underground reservoirs right when it's drilled and hydraulic fracturing techniques so um it's

00:08:43.780 initially called sour gas due to its high levels of hydrogen sulfide which is toxic and then must

00:08:50.500 be removed so it's a it's a gas comes you know it is drilled quite frankly once it gets drilled

00:08:56.580 the raw natural gas needs to be purified so water carbon dioxide carbon sulfates need to be removed

00:09:05.140 mercury's then it goes through a dehydration acid gas removal mercury removal and is using

00:09:14.980 activated carbon and molecules so that's how they they get it that's the science of it that's the

00:09:20.420 science of it then then they cool it to extreme cooling to minus 162 celsius and convert it to

00:09:27.700 a liquid state so it reduces the volume by about 600 times so you can imagine you have this huge

00:09:34.740 volume they cool it it becomes quite a bit smaller and then quite frankly they have to storage and

00:09:40.580 store it in tanks and then move it to markets and then offload it either through ships or trucks

00:09:47.620 and now if you've seen the ships there are massive tanker ships with looks like huge bubbles

00:09:52.660 yes like four huge bubbles and those are the big tanks that hold the liquid natural gas

00:09:57.700 when it's sea bound from the bc coast to other parts of asia right which is you know the the

00:10:03.060 danger factor because the combustibility at that point you know it's again it's the this for those

00:10:08.740 of you you know who love chemistry and enjoyed in school it is a real chemistry project making this

00:10:15.220 happened getting it on but we've figured out the art of it and now we have the ability to do it

00:10:20.100 we invested in it quite heavily so that's what i tell like canadians you know paying attention when

00:10:26.020 you look at the budgets as we do our budget review we have going coming up in november we put almost

00:10:30.820 two billion dollars into the infrastructure for so after the trudeau trudeau kind of let's call

00:10:37.140 it the fiasco the mistake not to actually get into it we then kind of scampered back and we've put

00:10:42.820 about 2 billion into the infrastructure for natural gas from a country mark carney's made

00:10:47.780 no bones about it that those days of stephen gilbo and justin trudeau and saying no to everything

00:10:53.620 they're over yes he he's doing deals for oil and natural gas and liquid natural gas and pipelines

00:11:00.900 and sea terminals to get it to market he's been very very clear about that and very serious about

00:11:07.460 it now it's capturing the benefits so now the challenge a little bit is you know we've done

00:11:13.220 that but now it's trying to figure out how we as a country capture the benefit of the natural gas

00:11:18.180 other than jobs other than infrastructure it's actually trying to figure out how through taxes and

00:11:23.780 uh royalties that we actually start to benefit from that because you know this is the this is

00:11:29.220 the old canadian conundrum conundrum where we're heavily resource-based we go out and we have uh

00:11:37.460 companies from other countries come in and then what we do is we we allow them just for jobs to

00:11:43.300 actually use our resources they don't just come in we court them we go fly overseas and ask them

00:11:50.180 to do a deal and buy the stuff and in this case we spent two billion dollars in infrastructure

00:11:55.220 money to get them to come yes right so my worry you know i'm always you know i'm first to say it

00:12:00.660 on every show jim you know as long as we have a mechanism with which we can benefit as canadians

00:12:05.620 i'm all for it yeah and in this case you know it's really not spelled out very clearly so when

00:12:11.300 we dug into it we didn't find a lot and it'd be great to actually sort of go back and say okay

00:12:16.980 what what is the economic model for canadians for this one and maybe that's part of the budget

00:12:21.300 coming up i hope so quite frankly because i i'm happy we're doing it so don't get me wrong i'm

00:12:25.860 happy we're doing it i'm trying to then so when i had the guys dig into it for the show they came

00:12:30.660 back to me like don't really know how it benefits canada i know how it gets jobs so i see all the

00:12:35.780 job now like when we when we go through you know lng canada we go through their site we see beautiful

00:12:41.700 pictures nick's going to throw some of them up through the show so you know when you get a chance

00:12:45.940 take a look at our video um you know it's it's a engineering miracle to watch the pipelines go out

00:12:52.900 to where these reservoirs are and then bring the gas back and well even building the infrastructure

00:12:57.620 for the second jetty um where the ships will dock and get on loaded with the natural gas it's a

00:13:05.380 that's a major undertaking in itself that involves dredging the harbor building the the foundation

00:13:11.620 for it the steel the concrete the the just the engineering behind it is state of the art and it's

00:13:18.100 in it and that's with a lot of those jobs come to right carpenters welders steel workers etc

00:13:23.940 putting it all together yeah no no and and that's terrific because we get we get the economic

00:13:29.140 spin-off of the jobs and you know the steel and the creation but then the ongoing benefit jim

00:13:36.100 it's a great question well and that's where we don't want to get into you know basically

00:13:40.020 countries coming in taking our resources you know creating transfer fees between different

00:13:45.300 countries so there's no income left in canada quite frankly we want to make sure there's royalties

00:13:50.020 paid for our resources and

00:13:52.060 money left in Canada

00:13:54.220 to benefit us going forward

00:13:55.860 and I bring it up because

00:13:57.800 we bring up Norway all the time

00:13:59.860 but it's similar to the Norway

00:14:01.960 wealth fund

00:14:04.260 they took a strategic

00:14:06.020 vision of their resources to make sure

00:14:08.180 that the country benefits from the resource

00:14:10.260 we don't want to go 20 years and then

00:14:12.160 everyone look at each other generally

00:14:13.240 where'd the money go

00:14:14.040 we should be in a position

00:14:16.680 15-20 years from now Paul

00:14:19.200 where we have so much money in the bank we're able to fund things pay for education pay for

00:14:25.320 infrastructure build more hospitals do all the things that we're always crying out for exactly

00:14:30.320 well and i know you know governments want to grow their tax base they want to grow their

00:14:34.680 citizenship they want to do all these things i'm all for it but if we figure out a strategic way

00:14:40.480 to benefit from our natural resources not just sell them yeah not just get someone to come in

00:14:44.800 so that you know that's a concern we have a lot of gas companies you know we all know for example

00:14:50.960 like an enbridge yeah that's what we have yeah you know whether it be men uh uh pen growth uh

00:14:57.600 progressive energy resources sask energy uh atco atlas gas like all these companies some of them

00:15:05.120 being canadian based some of them actually having definitely having canadian bases but some of them

00:15:10.160 basically being uh soaked up and sold in different amalgamations and different business deals a lot

00:15:15.680 of these companies change hands quickly so one of the other things that you know i always caution on

00:15:20.640 these deals is in the resource game you know today there's you know you might have a canadian

00:15:25.920 company tomorrow it's owned by australia or britain or another country and therefore you know when you

00:15:31.920 set up these deals you can't depend on the fact that it's going to be solely headquartered in

00:15:36.640 canada especially because it takes so long for it to go from point a to point b paul exactly the

00:15:41.280 odds are something's going to be bought and sold in that time yeah and in the resource game and

00:15:45.600 you know like a lot of industries there's a lot of amalgamation swaps the the capital requirement

00:15:51.440 is high so quite frankly he who has the peso has to say so in this case and they get they get bought

00:15:56.640 up really quickly and uh but god they get bought up internationally by some very big whales some

00:16:02.560 very big companies carney spent months basically flying around to some of the wealthiest countries

00:16:08.640 in the world trying to do these deals to bring the money in from the middle east and wealth funds

00:16:15.280 and hedge funds back into canada to get this going which is which is great and honestly if

00:16:20.560 we pencil out a royalty fee on what these people pay to actually extract the gas from the ground

00:16:26.320 and what goes to canadians and how much and where it goes i think that scenario is wonderful yeah

00:16:32.160 what we need to see that we need to we need to have that conversation it needs to be spelled

00:16:36.560 out quite frankly and we need to understand it can't just be hey it's going to create some jobs

00:16:40.800 and some things going on in bc it's got to be what is the you know how how does the province become

00:16:47.840 uh net positive and doesn't require transfer payments doesn't you know a similar conversation

00:16:53.440 that we just had a few shows ago on alberta yeah you know alberta now you know unhappy because

00:17:00.160 quite frankly they've been carrying the rest of the products well i just did a show a few days

00:17:05.600 ago with a gentleman that talked about quebec shale gas if they can actually get going they

00:17:11.600 think they can actually get out of the position of transfer tax receiving transfer taxes from

00:17:17.280 the rest of canada now wouldn't that make alberta very much happier forget alberta it would make

00:17:21.920 them happy but think about the harmony in the alliance the federal alliance in this country

00:17:27.280 where if provinces aren't shipping their money their billions to other provinces to offset them

00:17:34.240 wouldn't that make everyone a lot happier exactly and and you would like hey what about us we're

00:17:40.000 paying this it would bring the temperature down quite a bit across the nation now election

00:17:45.040 happening in bc right so quite frankly get through the election we then get the budget we get the

00:17:51.600 we're going to then see bc's budget we should be able to see probably not to the new year though

00:17:55.920 right the new year in bc but yeah but we're gonna but we should start to see the impacts of this

00:18:00.320 unrolling and see how it does fill that gap so like that's where in you know it'd be disappointing

00:18:06.960 if we get to that point and it doesn't it you know and we're just saying oh well you know we're

00:18:10.960 looking for an increased tax base because we well we guys we just we just got involved with two

00:18:18.080 billion dollars to help move forward now i know it's a 50 billion dollar project to help move

00:18:22.800 for the largest natural gas refining and processing plant in the world here must be some benefit for

00:18:31.120 us right and here's the big thing with the bc election tied into what you just said paul

00:18:36.160 david eby ndp premier big on the tanker ban along the coast of bc it's likely going to be a

00:18:42.320 conservative government we're not for sure but it could be and and there could be a lot of loosening

00:18:47.120 on restrictions of tankers on the bc coast and maybe more opportunity to ship more resources

00:18:53.280 have more big tankers in the coast of bc going to other markets which which i'm all for i think it's

00:19:00.240 unbelievable well that's why this election i love this tied into this so much yeah when you think

00:19:05.440 about it um the actual getting it through the mark carney basically pulling out the stops to make

00:19:10.960 sure this is get going gets built with the the pipelines with the docking with everything all

00:19:17.200 the infrastructure they need to bring in these massive ships from seoul south korea and all

00:19:22.480 all these other countries in tokyo into the bc coast and then if you have a change of government

00:19:27.760 with the government not so ardent on the tanker ban they're going to have even more tanker ships

00:19:32.880 along the bc coast bringing more resources to the world so you know it's interesting jim so you know

00:19:38.320 on july 14th the the lng canada announced the landmark equity option agreement with the indigenous

00:19:49.200 getting ownership stake in the energy infrastructure of lng canada that's huge for the

00:19:55.280 indigenous people in that part of canada huge i think it's amazing quite frankly it is and the

00:20:00.240 five first nations that actually get to participate in this and you know i won't go through all their

00:20:06.240 names but it is uh an option uh through an investment up to one billion dollars that's

00:20:15.280 a game changer for all those first nation communities but but you know that's where

00:20:21.680 and then they go on and it's interesting they say uh that lng phase two has the potential to

00:20:30.400 generate up to 50 billion in government revenues over the life of the project including direct

00:20:35.200 spend taxes royalties and other government revenues generated through direct and indirect

00:20:40.320 activity associated right and then it goes on to construction jobs which is 50 000 construction jobs

00:20:47.040 you know it goes through all very important but that kind of money is so desperately needed in

00:20:53.200 the country in bc in western canada that changes the narrative for the in the patch in the oil and

00:21:00.880 gas patch in alberta in saskatchewan because there's some natural gas in saskatchewan but

00:21:05.680 getting it to market getting it to the ports getting it to the distribution on the bc coast

00:21:10.640 getting it to market that when you're talking tens of billions of dollars that's wiping out

00:21:16.240 debt and then investing long term in your communities i'm with you it says direct and

00:21:22.400 indirect economic activity so yeah but that's where i'd like to see the number breakdown well

00:21:27.040 like to i like to see how much of that is direct how much is indirect you know what are we what

00:21:31.600 are we referring to are we referring to ongoing royalties that's where that's where mark carney

00:21:36.880 gets a little gray where he he announces things but when you try to get to the weeds and get to

00:21:42.960 the details it that becomes a challenge for not just this but other projects that have been

00:21:48.000 announced as well paul yeah no no and listen i he's i get that it's you know we're trying to

00:21:54.560 fast track projects to get economic growth and productive right moving i'm all but eventually

00:22:00.000 we have to know what it is yeah we have to yeah we have to yeah we need some details we need some

00:22:05.760 details right so love the project love the idea i think we need to do it uh the spend doesn't

00:22:11.840 bother me quite frankly what we need now is some details and how it fits into the big picture and

00:22:16.640 where it leaves us in a 20. you know what jim because you know i'm going to go to the next

00:22:20.400 thing and that's oil for a minute you know you look at and you look at the 1980s and you look

00:22:26.480 at what we went through in not focusing on refineries and not getting into that business

00:22:33.120 in a bigger way and you look at now where we're you know we have 16 refineries and we were our

00:22:40.080 refining capacity is about 1.9 barrels per day 1.9 million million yeah right million so you look

00:22:48.800 at it and you think to yourself well that that seems like a pretty good number but you know you

00:22:53.840 remember oil goes into uh gasoline jet fuel plastics cosmetics textiles basically everything

00:23:01.440 on this desk yeah so you look at all the things go oil so um and we i found out the other the other

00:23:10.160 day because the u.s is having some reserve issues yes remember when the issue came out this is

00:23:15.680 interesting because yes this is talking about how if you don't plan your energy resources and you

00:23:22.000 don't get your economics right and you don't build the right stuff then quite frankly in 20 years

00:23:28.320 you're going to end up in a weird spot and we're in a weird spot right now because you know we're

00:23:33.760 sitting here and we're the only g7 country that doesn't have oil reserves and that's just arrogance

00:23:42.400 of previous governments thinking why would we need them and we'll never need them and now we're in a

00:23:48.160 time in our history where we may need them and we don't have it right because we're shipping four to

00:23:53.360 five million barrels a day out yeah and then we're shipping uh you know half a million barrels to the

00:24:00.080 east coast you know to the irving shipyards to refine to get back into the east coast unfortunately

00:24:05.600 the stuff at irving we don't have a pipeline out there so we have to import it from other countries

00:24:10.720 but here's my concern paul a lot of that oil that we're pumping out to refineries are going to

00:24:17.120 refineries in the states and then that gas is being shipped back to canada well it has to be

00:24:21.840 current economic climate we have to think about building refinery capacity in western canada

00:24:28.240 so it stays in canada because what if they just say you know we're not gonna sell you any gas

00:24:34.000 anymore yeah i mean look at the way trump is acting he could do that at any moment then what

00:24:38.080 what would we do yeah well it's interesting so right now you know when we talk about barrels per

00:24:42.960 day we have about 400 000 coming from ontario and we have 570 000 coming from alberta right the rest

00:24:51.320 of the province are fairly small we have 16 refineries those refineries are all not for gas

00:24:57.680 right that's right fine it's like for example um there's i think the one in oakville that i'm

00:25:02.300 familiar with uh which is where the ford plant is uh you know in ontario very frankly i think

00:25:08.440 they do engine oil right oh there's diesel or there's yeah kerosene or jet fuel or so you know

00:25:14.680 this comes to light when all of a sudden trump is doing a deal with russia and we're all saying why

00:25:19.840 is trump going to get diesel from russia you know he's lowering all the sanctions and he's doing all

00:25:25.500 this stuff and we're all going well because he's compromised with putin that's why yeah well i

00:25:29.860 don't you know that's a whole other show but but you know what jim you know he's sitting there

00:25:34.620 doing that and then you're saying okay well the u.s has reserve issues which they're in i think

00:25:38.920 uh sandeep told me before the show uh they're at the lowest reserve level that they've been in

00:25:44.740 since the 80s right so that's how far down they are so he's now getting a little nervous because

00:25:51.140 you know if if something happens over in the middle east even more than it is today

00:25:56.060 then we're stuck but then we're behind their reserve hey before we go any further please

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00:26:14.360 you don't want to miss what happens behind the paywall all right back to the show yeah and the

00:26:20.020 price of oil in the international market is Brent crude is well over a hundred dollars a barrel again

00:26:25.640 Yeah. So we're sitting behind them. So quite frankly, if they have a reserve issue, we have a reserve issue.

00:26:33.180 So that's part of the challenge of Carney and the federal government is when they're doing all these projects to ship natural gas and oil,

00:26:40.440 we also have to have a domestic project to make sure we have an oil reserve in this country.

00:26:46.900 There's no excuse to not have one. Even if it's a modest one, at least we have something.

00:26:51.760 But the interesting part, which I found in the negotiations, is they're doing the LNG Canada negotiations and giving the infrastructure money, dealing with the province of B.C. who's blocking the pipelines for gas out of Alberta.

00:27:04.060 the conversation you think would have came up that if you do you know if you give us some money for

00:27:10.780 or if you allow our pipeline quite frankly we'll sit with you and we'll refigure out

00:27:16.080 money's coming from the lng from royalties that'll help us build refineries that will

00:27:20.360 actually lower our gas prices this is a whole ball of wax as an energy policy that needs to be

00:27:27.240 figured out and shared with us because again to your point we're over a hundred dollars a barrel

00:27:32.100 we're paying exorbitant amounts at the pump but no one's sitting down and i think a little bit of

00:27:36.900 it jim um people are you know with everything on the internet and people reading now you know

00:27:42.660 it's very easy to go and figure out okay you know about this project and that project and lng and

00:27:48.340 oil and gas so people are starting to figure out the pieces and i think they're asking the

00:27:52.740 questions we're asking is where the revenue is going to come from that what are they going to

00:27:56.500 be used for how are we going to get out of this energy problem we have with respect to refineries

00:28:01.700 and reserves like these are all it's a ball of wax that i don't think you can just treat

00:28:07.220 individually now i know they like to i know politicians want to talk about one at a time

00:28:11.700 but i think it's it's something that all is now unfortunately for them is coming into one

00:28:18.100 conversation and i think well if you think about the last federal election the big thing the big

00:28:23.460 topic was trump and canadian sovereignty in the 51st state that was a big question now next election

00:28:31.300 with the i mean the latest poll and the carneys and the liberals are at 50 percent i think some

00:28:36.580 questions should be had can we do more domestic oil production have an oil reserve can we have

00:28:43.220 especially at this time if eb's out of office and let's say it's a conservative government in bc

00:28:48.660 can we lift bands and pipelines and tankers can we get our churchill port back up and running to

00:28:55.780 full capacity can we start doing things so we help canadians we have a reserve and we're selling

00:29:01.060 stuff and reaping the benefit well i'm with you but then then the conversation is if we're going

00:29:06.580 to actually so this is it's interesting because we just had a referendum right you know just had

00:29:11.300 a referendum but not once did we talk about the fact that canadians are going to pitch in for the

00:29:16.980 pipeline uh the asia pacific pipeline so we're gonna just assume it's a given yeah well no it's

00:29:24.980 actually no one else uh pambina is the only other one who's stepping up with an option quite frankly

00:29:30.180 and so basically both levels are all levels of government are going to be pitching in to make

00:29:34.260 it work so here we are i've heard no pushback about that either no no one i don't think anyone's

00:29:39.860 pushing back but then what is the financial outcome of that so again where so as as all the

00:29:45.940 other all these companies start to use it where are the royalties going who are they going to

00:29:51.300 where are they paid what are they used for like again we're not at this is the same with natural

00:29:56.820 gas it's the same with oil then we can have an intelligent conversation of where is the money

00:30:02.820 being dispersed to how is it making canada better off what are we using it for to increase our

00:30:08.420 productivity across the nation are we using it to lower lower our gas prices so we're not paying so

00:30:14.660 much of the pumps so we can ship goods more efficiently to ship to the rest of the world to

00:30:18.660 globalize are we not doing that are we we have a federal budget november yeah i mean i'm gonna

00:30:25.300 let's give them benefit of the doubt they answer some of those questions if not when you do the

00:30:29.940 post-mortem those questions should be asked wait a sec you didn't even mention this that that's not

00:30:35.460 even part of the budget why isn't it because this is such a you've carney and the liberals have made

00:30:40.580 this such a big platform for the government for the next five years there should be some more

00:30:45.540 details about it right there has to be a revenue line from major projects so as these projects are

00:30:50.820 becoming major there has to be a you know okay we're estimating when this goes online here's

00:30:55.540 the revenues that come up because they announced churchill falls you did the show on that i did

00:30:59.380 the show with this massive hydroelectric project in labrador and quebec the natural gas the lng

00:31:06.660 canada the kitamata oil so how does this all make canada wealthier more self-sufficient yeah that's

00:31:14.260 the that's the billion dollar question question that we gotta ask now because if we don't ask

00:31:23.940 listen we're not trying to be difficult with the existing no bureaucracy or political uh elite but

00:31:30.100 what we need to do now is we need to figure that out because we've made the mistakes so we just

00:31:35.300 highlighted and you know we're not trying to pick on anyone you know because hindsight is 2020 yeah

00:31:40.580 and every deal you do you make mistakes trust me i've done a bunch but quite frankly you know in

00:31:46.100 1980 you made a mistake you know a decade ago when it came to natural gas you made a mistake

00:31:52.420 don't make the mistake again and come forward and and figure out a plan because countries that do

00:31:59.060 it really well jim you see the difference it's funny you're starting to see now the the countries

00:32:05.540 that aren't doing it and haven't done it really well whether it be you know whether it be uh we

00:32:11.300 did a show on france last week whether it be a country like france who quite frankly piling up

00:32:17.220 debt oh you know i made a mess of their school system now they're having all kinds of issues

00:32:22.660 it's out of control it's out of control so you know you're seeing and i think as canadians we're

00:32:27.780 like okay heads you know we have to pay attention to this stuff now because each of these decisions

00:32:32.900 has ramifications on the well-being of our citizenship it's not it it might have been 50 0.87

00:32:38.340 years ago when the baby boomers are at their peak everything was appreciating you could make those 1.00

00:32:43.300 mistakes and it would hide behind it so it'd be very easy just a couple years you'd make your 1.00

00:32:47.540 money back it'd be very easy to not build a refinery charge a little more for gas but quite

00:32:52.180 frankly the guy was buying a house at 30 000 and 20 years later it was a million dollars so he was

00:32:58.580 happy as heck because he looked at his asset appreciation you're no longer in those days

00:33:03.940 so people are not going to be so forgiving when you screw up on that gas deal when you screw up

00:33:09.060 on that oil deal it's it's it's not the same time and as the politicians and yeah and the bureaucracy

00:33:16.500 they need to focus on that right they need to use the narrative because for so long especially

00:33:22.260 during justin trudeau's era the narrative was if you drill for oil and you ship natural gas you're

00:33:30.580 going to ruin the planet and ruin the environment now we as canadians need to start using the

00:33:35.540 norway narrative you've pointed out before they have amazing social systems for education for

00:33:43.700 seniors for kids for daycare for housing they're incredibly environmentally aware they care about

00:33:50.740 the earth and the environment and the and the nature and everything about the country so you

00:33:55.700 can be an oil natural gas producing country that benefits from it and care about your people

00:34:02.100 reinvest the money and care about the environment norway's proving it every day we could do it too

00:34:07.860 yeah well we we were there so you know i say we were at the one yard line with them yeah

00:34:13.700 we fumbled yeah then the ball went back to the 50 right but again let's let's drive for you know

00:34:19.940 let's get within the 20 let's get in the red zone but when and i'll kick a field goal just

00:34:25.300 i'm with you but but you know you're seeing it now you're and and quite frankly i'm looking

00:34:29.380 forward jim i'm looking forward to november when the numbers come down we can dissect them

00:34:34.900 we go through and start to ask those questions and i'm looking forward to uh seeing what bc's

00:34:40.660 going to do in their upcoming budget whatever party gets in because i think it's you know they

00:34:46.180 they've been not only obstructionist to the oil industry,

00:34:53.460 you know, they've said no to that many times,

00:34:55.780 but now they have an interesting challenge

00:34:58.280 because they've said yes to natural gas in a big way now.

00:35:03.900 Well, then they also, they're twinning the oil pipeline

00:35:07.000 to the southern port in the lower mainland.

00:35:09.800 Yes.

00:35:10.600 So all of a sudden, why they say no,

00:35:13.300 they've got an oil pipeline going to delta bc and the massive lng canada development kitamat right

00:35:20.240 so you have two great developments happening quite frankly so the the royalties and revenues coming

00:35:25.520 off those should be a game changer for the west coast so absolutely in order to take care of all

00:35:31.920 the social issues clean up get people there's you know housed and affordable again those are all the

00:35:38.080 things that tie into the big strategy and and it's here's the scenario for bc by some miracle

00:35:43.960 you say abe has a minority government his outlook his mindset his philosophy would have to change

00:35:51.820 from what it has been after this disastrous campaign now it's trending like he won't even

00:35:57.240 be in power anymore it'll be another party because of how badly it's going so that's also

00:36:02.820 going to change a lot of things and that relationship with the province and the federal

00:36:06.300 government and alberta decoy to be quite frank yeah well you know it's a change election as we've

00:36:11.740 seen so that there's not one i think if i'm correct not one municipal politician in bc got

00:36:18.280 re-elected the incumbents well vancouver had a complete like 180 change exactly which was you

00:36:24.520 know it was quite surprising but it you know it was resounding oh yeah quite frankly uh surrey

00:36:30.260 which was the same thing you know they brought back the former mayor so you know there's there's

00:36:34.780 lot of change and change in bc right now is afoot um so we're gonna see that happen but i'm really

00:36:41.100 looking forward jim yeah to those shows and and uh so stay tuned and we'll have some good shows on

00:36:47.260 budget where the revenues are going how it's a game changer for canada when and don't subscribe

00:36:52.780 it's so easy just subscribe free

True Patriot Love - October 21, 2026

Canada’s Energy Bet： LNG, Refineries and Oil Reserves

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