Canada's reliance on oil is "unambiguously good" for the country as a whole - not just the West - Bank of Canada governor Mark Carney said Friday in a speech that called for more pipelines and dismissed fears about so-called Dutch disease.
Rather than blame highpriced oil and other commodity exports for the decline in manufacturing, central Canada should seize more of the bounty by building pipelines and refineries to where the markets are in Ontario and Quebec.
"Higher commodity prices are unambiguously good for Canada," Carney told a conference of busi-ness leaders and international policymakers in Calgary.
"The strength of the Canadian resource sector is a reflection of success, not a harbinger of failure."
Canadians should find new ways to take advantage, Carney said. He points out that eastern Canadian consumers are importing oil at prices that average $35 a barrel more than what western heavy oil producers receive.
"New energy infrastructure - pipelines and refineries - could bring more of the benefits of the commodity boom to more of the country," he said.
The central bank governor has spoken out before against critics of Canada's dependence on natural resources.
© Copyright 2013