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Unlike natural gas itself, prices for the commodity continue to drift lower. And though gas producers have curtailed production in an effort to put a floor on prices, they continue to dump 6 billion cubic feet a day on a now saturated market.
By selling natural gas in oversupplied North American markets, Canadian producers are leaving as much as $60 million a day on the table, according to Peter Tertzakian, Chief Energy Economist and Managing Director at ARC Financial.
"We're certainly giving it away right now," Terzakian says. "On the other side of the ocean in Japan and Korea they're paying $16 (BTU) and we're getting $2.50 at best."
Tertzakian says Canadian policymakers should ensure producers are able to sell their goods to higher-priced markets overseas (like Asia) and end what he calls one of "the largest commodity arbitrages in the world."
"We're not maximizing the value of the commodity that belongs to the Canadian people," he says.
He also says they should do so simply because the oil and gas sector is the largest industry in Canada and makes about $115 billion per year.
"The oil and gas industry invests about $1 billion a week back into the [Canadian] economy."