Saturday, May 24, 2025

Blanchet Says ‘No Future’ for Oil and Gas Despite Province Receiving Billions in Equalization

Bloc Québécois leader Yves-François Blanchet said there is “no future for oil and gas” in Quebec and “probably everywhere,” two days after his party lost seats in Monday’s Canadian federal election.

Quebec received $13.6 billion in equalization payments from the federal government in the 2024-25 fiscal year, with Alberta’s energy sector being a major contributor.

“Voters gave me a mandate to continue protecting French language and secularity of the state in Quebec… and the fact that there’s no future for oil and gas, at least in Quebec and probably everywhere. And this has to be said and protected,” Blanchet said at a Tuesday press conference.

The Bloc lost nearly a third of its seats in Monday’s election, dropping from 35 to 23 representatives. Blanchet won his seat in the riding of Beloeil-Chambly with 48.3% of votes, ahead of the Liberal candidate who received 34%.

The party maintained some relevance by positioning itself as a “partner” to Prime Minister Mark Carney’s government on economic policies.

Flashback: ‘Not Through Our Backyard’: Quebec’s Blanchet Rejects Pipeline Needed by Atlantic Canada 

“So Mr. Carney and myself are really on the same wavelength in terms of the economy,” Blanchet said, adding they agree “it’s urgent at this time to reduce the huge gap in productivity between Canada and the United States.”

Blanchet threatened unspecified “weapons” to prevent pipelines from crossing Quebec’s borders. “I have a brand new weapon to do that,” he vaguely claimed.

Blanchet suggested Quebec deserved special consideration from Carney’s government due to electoral support.

“Well, I think Mark Carney had very good support in Quebec… and a lot of Quebecers voted on the basis of the economy,” Blanchet said. “I’m really looking forward to our ability to announce economic projects in Quebec.”



Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

17 Responses

  1. No future “despite” having earned from it in the past.
    Without weighing in on whether he’s right or wrong, I don’t see this as inconsistent. Every well eventually goes dry “despite” having produced for however long it produced.

  2. Canada needs to encourage farmers to raise horses and mules, wagon makers to build wagons and sleighs, coal mining, and the railroads to buy steam engines, so Canadians can still get around when Net zero fails.

  3. I have worked on nuclear power plants in the US, Canada, Europe and South America and Canada has some of the best plants in the world. It would be great to see Canada build more plants.
    Oil and gas will be around forever but we could use less fossil fuels with more nuclear. Canada like most countries has a bright future with better leadership which will happen some day. Keep you stick on the ice.

  4. Talk is cheap (especially in French) until the lights go out, there aren’t enough jobs to support families, and no heat in the winter; suddenly the “stars and stripes” may have a whole new appeal.

  5. Canada’s future is so bright with leadership like this! Leftist insanity will be our downfall. Ill-informed Canadians continue to eat it up.

  6. If you wish to understand the oil business, watching that new Taylor Sheridan show “Landman” will give you a clue. The entire world is dependent on oil and not just for energy but plastics and much more. Without it we would revert to the 1800’s level of survival and lack of technology. Alternative energy with wind and solar is only good for supplementing power and perhaps boosting some some areas. Alternative energy does not provide enough power, not by a long shot. Spain & Portugal just entirely blacked out and the cause was likely alternative energy sources and inadequate infrastructure. What we need is Nuclear and much more of it. Modern reactors will never melt down, we have increased the efficiency by 100 fold. Big Tech working on A.I. wants to buy small nuclear reactors to power their data centers. Argentina is about to be the world leader in such reactors. The holy grail is Nuclear Fusion and when they crack that technology. we won’t ever have to worry about running out of power or not having enough.

    1. Landman is a great show, but applying Taylor Sheridan’s TV wisdom to the real world seems unwise. Could you imagine running anything the way Sly runs his crew in Tulsa King?

      He’s right about there not being enough production-ready renewables to power everything but, if we’re discussing the future, which we are, the “why?” matters. Renewables aren’t ready for primetime because they haven’t been developed, and they haven’t been developed because why the hell would the oil companies who control the capital that would be (and should be) used to develop them want that? For that matter, why would their financiers?

      Landman ends with the mid-tier oil company out of midland making a big-balls bet to go all in on shale. That’s what they know, that’s how they earn, and that’s what’s going to pay near term. If that company (or any larger oilco) is going to risk their money, why would they risk it on anything else? Could you imagine Monty Miller and Tommy Norris investing in the development of a more efficient windmill? I can hear them laughing from here! But if the GOBS of cash that those oilcos put in the ground were invested in battery tech, wind and sloar WOULD work at scale. And they’d be out of business.

  7. And this is why Alberta is petitioning to secede, perhaps followed by other western-Canada provinces. They’re etired of propping up Ottawa with their energy nd natural resource revenues.

  8. Hey now “Jimmy Mathieson ” your not cute. The problem is Quebec is full onboard with the great reset , agenda 21 sus goals and carbon markets. For some reason they think food gets in stores on a cloud of electron and not gas. The whole Hydro power give them the premium pay out of all those schemes.
    When he speaks of a special economy its mean ALL THAT + COMMUNISM. Most sector are state funded , private sector who is growing is mostly construction AND that too is heavily subsidize : migrant housing.
    In Quebec to buy vote and the power structure support you build an hospital or a road. Thats where u find the most public sector corruption.
    All that to say they run a deficit has big than California fora population of 8 millions like all socialist they ran out of money. They are willing to destroy the country cohesion to promote growth. Just like Europe migration is a net negative. So they are fucked.

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