Thank you, Mr. Speaker. Mr. Speaker, in the summer of 1919, eight men made the six-week journey from Edmonton to Norman Wells in search of oil. They travelled by railway, riverboat and foot, bringing with them a drilling rig and an ox named Tommy to power it. Tommy and the crew worked tirelessly that summer, drilling a hundred feet into the permafrost before the cold of winter forced them to halt operations. During the winter, Tommy the Ox continued to serve the men, served to the men in stews and as steaks.
---Laughter
The next summer, the crew hit oil and the rest is history. I share this story to show people that even with our infrastructure challenges and our harsh environment, we can attract investment in the oil and gas sector. Six months ago, I might not have been saying that, but we hit the bottom of the commodity cycle and we are on our way back up. Oil is hovering at around $50 a barrel, up from its 13-year low in January. While there’s still uncertainty in the market, there’s a considerable amount of optimism as well. The potential is enormous. The NWT contains over a third of Canada’s marketable light crude and natural gas resources. Earlier this year it was confirmed that the Liard Basin contains 77 trillion cubic feet of marketable gas in the NWT. In the Bluefish and Canol fields alone, there’s a 190 billion barrels of oil. Industry proponents have said that oil needs to be at $75 to make these fields viable. But the Mackenzie Valley Highway extension could reduce exploration and development costs by up to 40 per cent. Suddenly, the territory is looking much more attractive to investors. Mining has been an economic driver in this territory for 75 years, but we can’t forget the benefits the petroleum industry has delivered and has the potential to deliver. Just think about Tuk in the 70s and 80s or look at the fact that the only community that rivals Yellowknife in terms of average income is Norman Wells. The opportunity to capitalize on our resources should be extended to all regions and that means investment in infrastructure, the settling of land claims and the development of an oil and gas strategy. Our failure to provide adequate social programs often dominates talk in this House. The simple fact is that the government needs more revenue to provide those programs. We can only do so much with what we have. We are blessed with world-class resource deposits and we have a duty to ensure that all citizens benefit from them. Not just those in Norman Wells, or Yellowknife or Tuk in the 70s. This Assembly inherited a government that for decades has failed to deliver the pipelines, highways and regulatory environment that we need to support our people. It is time we start delivering. Thank you, Mr. Speaker.
