Prime Minister Mark Carney says he’s not worried about the prospect of increased oil production from Venezuela challenging Canada’s energy exports because Canadian oil is cheaper, cleaner and lower-risk.
Carney made the comments at a press conference in Paris on Tuesday after being asked if he was concerned that U.S. President Donald Trump’s play for Venezuelan oil this week increased the need to speed up the construction of another bitumen pipeline from Alberta to the B.C. coast.
“Canadian oil will be competitive because it is low-risk, clearly low-risk, low cost — the marginal costs, there’s been huge progress on getting down the costs, and low carbon, which is what the Pathways project carbon capture will bring,” Carney said.
“That makes Canadian oil competitive for the medium and long term,” he added.
That is his only point. A sustainable Venezuela society is one where the state gets a large share of revenue and control over oil. It is unlikely for Trump to provide the Venezuelan people with that formula, which is why Chavez came to power in the first place. But stealing oil for a few years will still undercut tar sands potentially.