Canada once considered building an emergency oil reserve with the U.S., but the Americans backed out

2026-03-12 - 11:03

With oil prices spiking by a third in two weeks, fears of a global energy crisis have led to a historic response. The International Energy Agency’s 32 member countries plan to release 400 million barrels of oil from emergency reserves — their biggest release ever — in the hopes of addressing supply shortages and high prices as a result of the war in Iran. The move raises the question of how Canada, the world’s fourth-largest oil producer, could play a role in the global response. Why doesn’t Canada have its own strategic reserve for a crisis like this; would it make sense to build one now; and how could the latest move help Canadians, along with the rest of the world? The Financial Post explains. Read More