Energy
Jagmeet Singh’s mythematical numbers

From Resource Works
Singh… somehow has failed to correct his original post.
National NDP leader Jagmeet Singh earns a new mark for his business mathematics — though his subject is better called “mythematics.” He gets an F for his declaration that Cenovus Energy had record profits of $37 billion in 2023.
He began with this post on X (Twitter): “Last year, Cenovus raked in $37 billion in profits. And a whopping $64 billion in 2022. Big Oil is making record profits, burning the planet AND asking for massive public handouts. It’s time to end the free ride for oil and gas.”
Readers quickly hit back: “Per Cenovus’ own 2023 Financial Year report, profits were $4.11 billion CAD, down 36% from 2022. Mr. Singh conflates revenue (which includes no expenses, government fees, or taxes) with profit.”
Some pointed to Cenovus’s own figures:
Revenue: CA$52.2b (down 22% from FY 2022)
Net income: CA$4.11b (down 36% from FY 2022)
Profit margin: 7.9% (down from 9.6% in FY 2022)
Heather Exner-Pirot of the Macdonald-Laurier Institute, and special adviser to the Business Council of Canada, added: “Not sure why Singh would just make up numbers? Anyone can look up their annual financial results. There was no $37 billion in profits. Although if they did have that kind of year, it would be great for Albertan royalties and Canadian business taxes.”
She included a link to Cenovus’s 2023 annual report. Singh, though, somehow has failed to correct his original post.
The NDP leader’s earnings from Parliament now run at $271,700 a year. But under his strange “mythematics,” as applied to Cenovus, he presumably has no expenses and pays no taxes, so that $271,700 is all “profit.” Nice…
Pity that the average Canadian, whose gross income in 2023 was $64,850, has to pay out living expenses such as accommodation, food, and taxes to assorted governments. That’s realistic mathematics, not mythematics.
And that average Canadian does not have Parliament to pick up such expenses as Singh racked up from April 1 to June 30: travel, $28,304; hospitality, $3,319; and contract, $38,053.
In his support for the Trudeau Liberal government, we see Singh’s “mythematics” at work again. As the small-c conservative Fraser Institute points out: the Trudeau government’s recent fiscal record includes unprecedented levels of spending and debt.
“The Trudeau government has consistently spent at record-high levels before, during, and after COVID. In fact, Prime Minister Trudeau is on track to record the seven-highest years of per-person spending in Canadian history between 2018 and 2024. Inflation-adjusted spending (excluding debt interest costs) is expected to reach $11,856 per person this year—10.2% higher than during the 2008-09 financial crisis and 28.7% higher than during the peak of the Second World War.
“Consequently, the Trudeau government has posted 10 consecutive deficits since taking office. The projected deficit in 2024/25 is a whopping $39.8 billion. This string of deficits has spurred a dramatic increase in federal debt. From 2014/15 (Prime Minister Harper’s last full year), total federal debt is expected to have nearly doubled to $2.1 trillion. To make matters worse, the government plans to run more deficits until at least 2028/29, and total debt could rise by an additional $400.1 billion by March 2029.
“Indeed, due to reckless decisions, the Trudeau government is on track to record the five-highest years of per-person debt (inflation-adjusted) in Canadian history between 2020 and 2024. As of 2024, Ottawa’s debt equals $51,467 per Canadian—12.3% more than in 1995 when Canada reached a near-debt crisis.”
The New Democrats back the Liberals on confidence and budgetary votes in Parliament, in exchange for concessions on key political priorities. When it came to the current budget, the government included things Singh’s NDP supports, such as funding for pharmacare and a national school lunch program.
But Singh withheld support for the budget for two weeks, saying it didn’t provide adequate funding for a new disability benefit or for Indigenous communities. In the end, he did vote for the budget, and thus those fiscal issues raised by the Fraser Institute. Singh did not disclose if he has been offered Liberal solutions down the road to his concerns.
All a question of “mythematics,” we assume.
2025 Federal Election
MORE OF THE SAME: Mark Carney Admits He Will Not Repeal the Liberal’s Bill C-69 – The ‘No Pipelines’ Bill

From EnergyNow.Ca
Mark Carney on Tuesday explicitly stated the Liberals will not repeal their controversial Bill C-69, legislation that prevents new pipelines being built.
Carney has been campaigning on boosting the economy and the “need to act forcefully” against President Donald Trump and his tariffs by harvesting Canada’s wealth of natural resources — until it all fell flat around him when he admitted he actually had no intention to build pipelines at all.
When a reporter asked Carney how he plans to maintain Bill C-69 while simultaneously building infrastructure in Canada, Carney replied, “we do not plan to repeal Bill C-69.”
“What we have said, formally at a First Ministers meeting, is that we will move for projects of national interest, to remove duplication in terms of environmental assessments and other approvals, and we will follow the principle of ‘one project, one approval,’ to move forward from that.”
“What’s essential is to work at this time of crisis, to come together as a nation, all levels of government, to focus on those projects that are going to make material differences to our country, to Canadian workers, to our future.”
“The federal government is looking to lead with that, by saying we will accept provincial environmental assessments, for example clean energy projects or conventional energy projects, there’s many others that could be there.”
“We will always ensure these projects move forward in partnership with First Nations.”
Tory leader Pierre Poilievre was quick to respond to Carney’s admission that he has no intention to build new pipelines. “This Liberal law blocked BILLIONS of dollars of investment in oil & gas projects, pipelines, LNG plants, mines, and so much more — all of which would create powerful paychecks for our people,” wrote Poilievre on X.
“A fourth Liberal term will block even more and keep us reliant on the US,” he wrote, urging people to vote Conservative.
Alberta
Energy sector will fuel Alberta economy and Canada’s exports for many years to come

From the Fraser Institute
By any measure, Alberta is an energy powerhouse—within Canada, but also on a global scale. In 2023, it produced 85 per cent of Canada’s oil and three-fifths of the country’s natural gas. Most of Canada’s oil reserves are in Alberta, along with a majority of natural gas reserves. Alberta is the beating heart of the Canadian energy economy. And energy, in turn, accounts for one-quarter of Canada’s international exports.
Consider some key facts about the province’s energy landscape, as noted in the Alberta Energy Regulator’s (AER) 2023 annual report. Oil and natural gas production continued to rise (on a volume basis) in 2023, on the heels of steady increases over the preceding half decade. However, the dollar value of Alberta’s oil and gas production fell in 2023, as the surging prices recorded in 2022 following Russia’s invasion of Ukraine retreated. Capital spending in the province’s energy sector reached $30 billion in 2023, making it the leading driver of private-sector investment. And completion of the Trans Mountain pipeline expansion project has opened new offshore export avenues for Canada’s oil industry and should boost Alberta’s energy production and exports going forward.
In a world striving to address climate change, Alberta’s hydrocarbon-heavy energy sector faces challenges. At some point, the world may start to consume less oil and, later, less natural gas (in absolute terms). But such “peak” consumption hasn’t arrived yet, nor does it appear imminent. While the demand for certain refined petroleum products is trending down in some advanced economies, particularly in Europe, we should take a broader global perspective when assessing energy demand and supply trends.
Looking at the worldwide picture, Goldman Sachs’ 2024 global energy forecast predicts that “oil usage will increase through 2034” thanks to strong demand in emerging markets and growing production of petrochemicals that depend on oil as the principal feedstock. Global demand for natural gas (including LNG) will also continue to increase, particularly since natural gas is the least carbon-intensive fossil fuel and more of it is being traded in the form of liquefied natural gas (LNG).
Against this backdrop, there are reasons to be optimistic about the prospects for Alberta’s energy sector, particularly if the federal government dials back some of the economically destructive energy and climate policies adopted by the last government. According to the AER’s “base case” forecast, overall energy output will expand over the next 10 years. Oilsands output is projected to grow modestly; natural gas production will also rise, in part due to greater demand for Alberta’s upstream gas from LNG operators in British Columbia.
The AER’s forecast also points to a positive trajectory for capital spending across the province’s energy sector. The agency sees annual investment rising from almost $30 billion to $40 billion by 2033. Most of this takes place in the oil and gas industry, but “emerging” energy resources and projects aimed at climate mitigation are expected to represent a bigger slice of energy-related capital spending going forward.
Like many other oil and gas producing jurisdictions, Alberta must navigate the bumpy journey to a lower-carbon future. But the world is set to remain dependent on fossil fuels for decades to come. This suggests the energy sector will continue to underpin not only the Alberta economy but also Canada’s export portfolio for the foreseeable future.
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