Power & Politics Will the Iran war's oil shock change Canada's industry?
4 snips
Mar 12, 2026 Guest
Panelists (Cameron Ahmed, Lisa Raitt, Andrew Thompson, Emily Nicola)
Guest
Gary Anandasangaree
Guest
David Common
Cameron Ahmed (former communications lead), Lisa Raitt (ex‑Conservative cabinet minister), Andrew Thompson (former NDP minister), Emily Nicola (columnist), Gary Anandasangaree (Federal Public Safety Minister) and David Common (CBC reporter in Amman) discuss Iran's threats to the Strait of Hormuz and risks of mines. They cover oil price shocks, how that could affect Canadian production and affordability, and political and policy responses at home.
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Mines Can Be Deployed Cheaply And Be Highly Sophisticated
- Iranian mines include simple floaters and sophisticated bottom mines that can detect pressure, magnetic or acoustic signals.
- David Common explained simple mines can be deployed from small boats in numbers, while advanced mines are hard to find and disarm.
Price Spike Won't Prompt Immediate Canadian Drilling
- Global oil prices have jumped ~50% since the war began, nearing US$100 per barrel and likely keeping prices higher through the year.
- Kyle Bakx noted spring drilling delays (spring thaw) mean Canadian producers can't quickly ramp up supply despite higher prices.
Use Temporary Trade Rules To Ease Regional Fuel Supply
- Consider temporary policy tools like lifting the Jones Act or export restrictions to relieve regional fuel supply pressures.
- Kyle Bakx said the U.S. may lift Jones Act rules and even consider export bans, which would affect Canadian exports to the U.S.