This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Canada Faces Uncertain Energy Future Without Improved Market Access

Advancing strategic relationship with China and Asia must become a priority says CIBC's Prentice

CALGARY, Sept. 27, 2012 /CNW/ - CIBC (CM: TSX) (CM: NYSE) — Canada must look past the United States if it wants to continue to gain access in the gas and oil markets, says the Hon. Jim Prentice, Vice-Chair of CIBC.

Speaking today in Calgary at a speech hosted by the University of Calgary's School of Public Policy about possible outcomes in the U.S. elections and changes to the leadership in China, Mr. Prentice laid out a number of challenges that must be addressed to ensure Canada remains competitive in the energy market.

"We are in the midst of a moment of great consequence for our energy industry," says Mr. Prentice. "For decades we've been going about our business in a certain way; comfortable and content within the North American marketplace."

Canada has been a critical supplier of energy to the United States, the world's largest economy, and crude oil alone accounts for 15 per cent of our exports. Canada has been fortunate to have ample natural resources and is fortunate to live next to a country that has been in need of those natural resources. But the world is changing and Canada must adapt, Mr. Prentice says.

"Simply put, we need to better understand our changing world and what it means for us," says Mr. Prentice. "In geo-political terms, this is a highly consequential year for Canada. This fall, an election in the United States and an election of sorts in China will serve to further demonstrate just how dependent Canada is in our new global world."

Next month, many of China's leaders will be stepping down and Canada and the world will begin watching to see how a new government will manage China's growth and conduct its international relationships.

The presidential election in the United States also brings two different views to the energy file although with one common element.

"Under either administration, I think it's safe to say the Americans will pursue their own interests quite aggressively," says Mr. Prentice.  "And though they are great partners, we can't be lulled into believing that their interests and our interests on energy will ever be the same."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs