Oil & gas interests are already lying about the future of their Canadian projects and profiting as a result of the Iran war. In reality price shocks due to the U.S. war on Iran - along with the U.S. attempt to cut Cuba off from oil - will convince countries to move to renewables faster. That in turn makes new Canadian oil, gas and LNG projects LESS viable as they rely on long term demand for their products.
Even before the Iran war, the International Energy Agency still expected oil demand to plateau around 2030 (and gas demand to plateau shortly after) and then decline due to the global transition to renewable energy, and there are enough oil and gas projects already to meet that demand.
The price of fossil fuels in Canada will rise – increasing the cost of living and inflation. This is only in part because of supply shocks due to the situation in the Strait of Hormuz between the Persian Gulf and the Gulf of Oman, but largely because of speculation: In other words, oil and gas corporations will make a lot of profit off Canadians via inflated prices that are only partially the result of actual supply problems. This speculation was what really happened after Russia invaded Ukraine and it helped cost Canadians $12,000 per household.
Other reading:
Questions at info@sierraclub.ca and sign up for email updates from us here.
And don't forget to take action: https://www.sierraclub.ca/take-action/
Support the show
Find out more and take action at sierraclub.ca/take-action/
