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The Star Phoenix (Canada): Nationalize oil industry, prof recommends

MONTREAL (CP) — Canada must nationalize its oil and gas industry to help lower the cost at the pumps by one-third, says a Quebec university accounting professor.

Leo-Paul Lauzon analyzed annual reports of major oil companies such as Exxon Mobil, Royal Dutch Shell, BP Amoco, Chevron Texaco and Conoco Philipps during a period of eight years with researcher Marc Hasani.

“We can’t afford to keep getting poorer,” said Lauzon, who teaches at the University of Montreal at Quebec.

He said the analysis has shown that major oil companies continue to eliminate their competition by either buying or merging them and most of the profits go to the shareholders rather than investing and building refineries.

“Currently Canada, self-sufficient in oil and gas as the third-largest producer of natural gas and the sixth-largest for oil, has prices imposed on it due to events that happen in Iran, Iraq or Saudi Arabia,” he said.

However, Greg Stringham, a spokesperson for the Canadian Association of Petroleum Producers, said after flirting with nationalization under the National Energy Policy, Canada learned a competitive market with many players is more effective than one price and goalsetting entity.

”One of the big foundations that Canada now has . . . is that everyone in the world looks to Canada as the symbol of security, reliability and stability,” Stringham said. 

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One Comment

  1. tim pellett says:

    Did we not loose all are canadian right to energy under the free trade deal not the fair trade deal. Canada has no rights left to energy under that deal. I understand that the gouverment also gave up there rights and canot goe back and straiten this deal around

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