QUESTION PERIOD — Global Affairs
Oil Prices
March 11, 2026
Government Representative, in these very turbulent times for the Canadian economy, more challenges have come our way in the form of oil price hikes caused by the war in Iran. I know the government announced that it has looked into various measures to mitigate this war’s impact, particularly on businesses and Canadian taxpayers, in terms of oil production and supply. Could you explain the government’s plans to us in a little more detail? Are more direct support measures planned, including measures for companies and consumers affected by the situation?
Thank you for your question. At the moment, I don’t believe that the government has decided on any precise measures. However, since Canada is a member of the G7, I know that government representatives are consulting with all G7 countries to decide what measures need to be taken worldwide, since the situation in the Strait of Hormuz affects not only Asia, but the entire planet, considering that it handles 20% of the global oil supply.
We are currently considering a few options. Options on the table involve the use of strategic reserves, but in terms of direct measures being introduced, I don’t have enough information to answer your question at this time.
