I had the privilege recently of attending the ARC symposium and listening to Peter Tertzakian speak about where the oil and gas market is heading over the next ten years. Mr. Tertzakian provided great insight into the influence of government policy on the oil and gas market as well as the over-reliance on oil as opposed to gas. Mr Tertzakian emphasized that change in this market is inevitable and over the next ten year we are going to see a rather significant shift to the use of gas.
Mr. Tertzakian predicts that by 2013 the gas industry will experience a re-birth as a result. By 2016 the market will focus on gas and oil will be a “commoditized commodity”. This shift to natural gas is beneficial to the environment in Alberta as it represents a 25% decrease in greenhouse gas emissions by comparison to oil and represents nearly a 50% decrease when compared to coal.
Mr. Tertzakian clearly stated that the government policy is the most influential force and that a constructive relationship of industry with government is essential to our future.
I believe a trust relationship between people and the government is even more important. The Stelmach government has failed both the oil industry and its citizens in assuring both high standards of production and reclamation and independent environmental and health monitoring.
I am committed to better stewardship to restore trust from citizens, industry and our customers.