Within the energy basket, oil is by far the largest earner.
Ottawa wants to reduce oil and gas sector GHG emissions to 42 per cent below 2019 levels by 2030.
So-called “clean” energy sources will not be able to entirely replace fossil fuels in the near term.
Tailpipe emissions of nitrogen oxides, particulates and carbon monoxide have fallen by more than half.
The implicit tax rate of $200 per tonne is quadruple the federal carbon tax ceiling.
To store the energy equivalent of one 300-pound barrel of oil, you’d need 20,000 pounds worth of Tesla batteries.
Canada’s contribution of greenhouse gases comprises only 1.6 per cent of global emissions.
The Trudeau government plans to apply a range of new regulations.
Ottawa boasts about carbon tax “efficiency” while ignoring fundamental principles of carbon taxation.
Non-market considerations will play a larger role in determining what the private energy sector can do.