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By Jaryn Vecchio

Oil Production

Oil expert believes Saskatchewan and Alberta can help combat high gas prices

Mar 8, 2022 | 3:00 PM

Saskatchewan could play a big part in helping gas prices get back to a more manageable cost.

That’s according to Tim Pickering, CIO and founder of Auspice Capital, who noted the province, along with Alberta, can produce more oil to offset the jump in prices being caused by Russia’s invasion into Ukraine.

The attack has forced countries, such as Canada and the United States, to ban importing Russian oil which accounts for around 10 per cent of the global supply.

Pickering told paNOW this isn’t a move that can be done overnight, however, if done right it could fix the issue while also having a positive impact on the country’s economy.

“We need to tell the world that we have long-term resources ranging from energy to other markets and that we can be relied on to provide that in environmental, societally, beneficial type principals.”

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Even with the rise in gas prices, Pickering noted the decision to ban Russian oil was the right one.

The unprovoked invasion of Ukraine being the main reason, but also giving the globe the opportunity to trust countries that produce oil ethically.

Pickering added he understands some people want to move away from oil, however, the chaos caused by banning one country’s oil is a sign the world isn’t ready at the moment.

“All of these moves from an environment perspective… that’s the goal of society, those are inherently inflationary things until technology catches up.”

This rationale was echoed by Tesla’s founder Elon Musk.

Pickering explained Musk understands oil isn’t going anywhere anytime soon, so in the meantime, it’s important to rely on countries who produce it the right way.

“Gaining oil production from places like Russia or the Middle East is the wrong answer and that doing it in a more environmentally and more responsible way like we do in North America is the answer.”

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Jaryn.Vecchio@pattisonmedia.com

On Twitter: @princealbertnow