Jagmeet Singh’s mythematical numbers

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.

Related Topics:#NDPLeaderJagmeetSingh #ResourceWorks JagmeetSinghCenovusProfits JagmeetSinghMythematics SinghConflatesRevenueWithProfit

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Energy

B.C. Residents File Competition Bureau Complaint Against David Suzuki Foundation for Use of False Imagery in Anti-Energy Campaigns

Published on July 4, 2025

Todayville

From Energy Now and The Canadian Newswire

A group of eight residents of Northeast British Columbia have filed a formal application for inquiry with Canada’s Competition Bureau, calling for an investigation into the David Suzuki Foundation’s (the Foundation) use of false and misleading imagery in its anti-energy campaigns.

The complaint alleges that the Foundation has repeatedly used a two-decade-old aerial photograph of Wyoming gas wells to falsely depict modern natural gas development in B.C.’s Montney Formation. This area produces roughly half of Canada’s natural gas.

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Key Facts:

The misleading image has been used on the Foundation’s website, social media pages, reports and donation appeals.
The Foundation has acknowledged the image’s true source (Wyoming) in some contexts but has continued to use it to represent B.C. development.
The residents claim this materially misleads donors and the public, violating Section 74.01(1) of the Competition Act.
The complaint is filed under Sections 9 and 10 of the Act, asking the Bureau to investigate and impose remedies including ceasing the conduct, publishing corrective notices, and returning proceeds.

Quote from Deena Del Giusto, Spokesperson:

“This is about fairness and truth. The people of Northeast B.C. are proud of the work they do to produce energy for Canada and the world. They deserve honest debate, not scare tactics and misleading imagery used to raise millions in donations. We’re asking the Competition Bureau to hold the David Suzuki Foundation to the same standard businesses face: tell the truth.”

Background:
Natural gas development in the Montney Formation supports thousands of jobs and fuels economic activity across the region. Accurate public information is vital to informed debate, especially as many Canadians live far from production sites.

SOURCE Deena Del Giusto

Economy

Trump opens door to Iranian oil exports

Published on July 3, 2025

Todayville

This article supplied by Troy Media.

By Rashid Husain Syed

U.S. President Donald Trump’s chaotic foreign policy is unravelling years of pressure on Iran and fuelling a surge of Iranian oil into global markets. His recent pivot to allow China to buy Iranian crude, despite previously trying to crush those exports, marks a sharp shift from strategic pressure to transactional diplomacy.

This unpredictability isn’t just confusing allies—it’s transforming global oil flows. One day, Trump vetoes an Israeli plan to assassinate Iran’s supreme leader, Ayatollah Khamenei. Days later, he calls for Iran’s unconditional surrender. After announcing a ceasefire between Iran, Israel and the United States, Trump praises both sides then lashes out at them the next day.

The biggest shock came when Trump posted on Truth Social that “China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also.” The statement reversed the “maximum pressure” campaign he reinstated in February, which aimed to drive Iran’s oil exports to zero. The campaign reimposes sanctions on Tehran, threatening penalties on any country or company buying Iranian crude,
with the goal of crippling Iran’s economy and nuclear ambitions.

This wasn’t foreign policy—it was deal-making. Trump is brokering calm in the Middle East not for strategy, but to boost American oil sales to China. And in the process, he’s giving Iran room to move.

The effects of this shift in U.S. policy are already visible in trade data. Chinese imports of Iranian crude hit record levels in June. Ship-tracking firm Vortexa reported more than 1.8 million barrels per day imported between June 1 and 20. Kpler data, covering June 1 to 27, showed a 1.46 million bpd average, nearly 500,000 more than in May.

Much of the supply came from discounted May loadings destined for China’s independent refineries—the so-called “teapots”—stocking up ahead of peak summer demand. After hostilities broke out between Iran and Israel on June 12, Iran ramped up exports even further, increasing daily crude shipments by 44 per cent within a week.

Iran is under heavy U.S. sanctions, and its oil is typically sold at a discount, especially to China, the world’s largest oil importer. These discounted barrels undercut other exporters, including U.S. allies and global producers like Canada, reducing global prices and shifting power dynamics in the energy market.

All of this happened with full knowledge of the U.S. administration. Analysts now expect Iranian crude to continue flowing freely, as long as Trump sees strategic or economic value in it—though that position could reverse without warning.

Complicating matters is progress toward a U.S.-China trade deal. Commerce Secretary Howard Lutnick told reporters that an agreement reached in May has now been finalized. China later confirmed the understanding. Trump’s oil concession may be part of that broader détente, but it comes at the cost of any consistent pressure on Iran.

Meanwhile, despite Trump’s claims of obliterating Iran’s nuclear program, early reports suggest U.S. strikes merely delayed Tehran’s capabilities by a few months. The public posture of strength contrasts with a quieter reality: Iranian oil is once again flooding global markets.

With OPEC+ also boosting output monthly, there is no shortage of crude on the horizon. In fact, oversupply may once again define the market—and Trump’s erratic diplomacy is helping drive it.

For Canadian producers, especially in Alberta, the return of cheap Iranian oil can mean downward pressure on global prices and stiffer competition in key markets. And with global energy supply increasingly shaped by impulsive political decisions, Canada’s energy sector remains vulnerable to forces far beyond its borders.

This is the new reality: unpredictability at the top is shaping the oil market more than any cartel or conflict. And for now, Iran is winning.

Toronto-based Rashid Husain Syed is a highly regarded analyst specializing in energy and politics, particularly in the Middle East. In addition to his contributions to local and international newspapers, Rashid frequently lends his expertise as a speaker at global conferences. Organizations such as the Department of Energy in Washington and the International Energy Agency in Paris have sought his insights on global energy matters.

Troy Media empowers Canadian community news outlets by providing independent, insightful analysis and commentary. Our mission is to support local media in helping Canadians stay informed and engaged by delivering reliable content that strengthens community connections and deepens understanding across the country.