Antonia Zerbisias (Al Jazeera):
For two decades, but most especially since 2006 when the Stephen Harper Conservatives came to power, Canada has been betting on bitumen.
That despite warnings that Harper’s “energy super power” ambitions were likely to infect the country with a bad case of “Dutch Disease“, which is what happens when a country hitches its economy to the price of oil.
In the end, Harper’s petro dreams were dashed: by US President Barack Obama’s opposition to the Keystone XL pipeline, which would have delivered Alberta’s oil to tankers on the Texas Gulf coast; by First Nations protesters who opposed pipelines through pristine forests to the Pacific to feed China’s energy demands; by celebrity environmental activists and by a global oil glut.
Now that the price of oil has tanked to levels well below $30, it is painfully clear how deep a hole Harper has drilled for Canada.