Iran war UNDERMINES new oil & LNG projects in Canada - but oil corporations still profit...

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Mar 10, 2026

A look at how the Iran war and price shocks reshape the case for new Canadian oil, gas and LNG projects. Short-term price spikes and speculation boost corporate profits while long-term demand may fall. Discussion of accelerating renewables, storage and national moves to local clean energy. Calls to prioritize transitions for oil-dependent communities and question industry spin.

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INSIGHT

Price Spikes Don't Make New Projects Viable

High short-term oil and gas price spikes do not make new Canadian oil, gas, or LNG projects viable.
Conor Curtis explains projects need decades of steady demand and current shocks speed global renewables adoption, undermining long-term business cases.

INSIGHT

Batteries Solve Baseload Objections

Renewables plus batteries and grid solutions remove the old baseload objection to wind and solar.
Curtis notes this combination is cheaper, reliable locally, and accelerates the transition when fossil prices jump.

INSIGHT

Speculation Drives Most Price Inflation

Much of the current fuel price increase is driven by speculation, not immediate supply changes.
Curtis cites past experience after Russia's invasion of Ukraine and links to falseprofits.ca showing heavy speculative costs to Canadians.

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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.

Find SOURCES for the above polling and correcting corporate-spread myths linked here: https://www.sierraclub.ca/iran-war-gas-prices-oil-pipeline-lng/