Sunday, October 7, 2012

Canadians call for increased state control of natural resources

Source: Press TV

Canada has the third largest oil deposits in the world but no state owned oil company. And with the recent proposed take over of Canadian oil giant Nexen by China’s state oil company CNOOC, Canadians are beginning to question the status quo.

The Canadian oil industry is mostly dominated by foreign companies. But many Canadians wish the government would create a state owned oil company. They believe that by controlling its natural resources, Canada will be able to alleviate its social problems such as student debt and poverty.

The Harper government opposes state-ownership of resources, however activists say this leaves Canadians short changed. In its recently published annual study the Non-Profit Organization "The Community Foundations of Canada" claims that student debt in Canada is averaging between $20,000 and $30,000 dollars; this despite the fact that Canada has a relatively small population and is highly rich in natural resources.

An increasing number of Canadians are looking to countries with more enlightened oil policies like Venezuela and Iran and wondering when Canada will emulate the preponderance of oil producing nations and nationalize its resources.

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