Calming global uncertainty key to easing soaring gas prices, says natural resources minister
Global News
Severe sanctions laid against the Russian economy in an attempt to punish its leaders for the invasion of Ukraine have roiled global markets and sparked fresh waves of uncertainty.
Finding a way to stabilize global markets roiled by Russia’s invasion of Ukraine will be crucial in efforts to lower the soaring costs of gasoline for Canadian consumers, says Canada’s natural resources minister.
“I would say that that is a function of the uncertainty that has been generated by the terrible tragedy that we are seeing unfold in Ukraine,” said Jonathan Wilkinson in an interview with The West Block guest host David Akin on Sunday. “Uncertainty around whether Russian oil and gas will continue to flow.
“But also it’s driven by the desire on the part of virtually all of the western European countries to find ways to replace Russian oil and gas that they currently import with other sources.”
Wilkinson said ministers met two weeks ago through the International Energy Agency — a non-governmental organization that operates as part of the Organisation for Economic Co-operation and Development (OECD) — to discuss ways to deal with the problem. Another meeting is scheduled for the week after next in Paris.
He said those talks will build on efforts that have already seen 60 million barrels of oil released from strategic reserves in an effort to blunt the sharp rise of prices since Russia invaded Ukraine on Feb. 24.
Russia is a major producer of oil and gas, particularly for European markets.
Although Canada and the U.S. import comparatively little from Russia, the broader economic impact of severe sanctions laid against the Russian economy in an attempt to punish its leaders for the invasion have roiled global markets and sparked fresh waves of uncertainty.
Wilkinson did not say whether the federal government was considering giving back any “windfall” profits from oil and gas producers to Canadians who are struggling with the increased costs of living.
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