The Financial Post reports in its Saturday edition that the Canadian oil patch would like to call Donald Trump's bluff that the United States does not need Canada's oil and gas -- but not if it is going to cost them. The Post's Meghan Potkins writes that chief executive officers do not want Ottawa to impose export taxes on energy or restrict oil exports. "Turning off energy is an option, but it's a really destructive option for all parties. Nobody wins," said Kevin Neveu, CEO at Precision Drilling. "Negotiations with pointed guns and fingers on triggers aren't usually effective negotiations." Energy executives and industry associations have been lobbying officials in Ottawa to not target energy exports in retaliation should the new U.S. president follow through on his threat to impose a 25-per-cent tariff on all goods from Canada and Mexico. Tariffs or export levies could prompt U.S. refineries to cut back or find substitutes for heavy Canadian crude, experts say, dragging down the price of Canada's already discounted Western Canadian Select. Ultimately, the U.S. could invest in reconfiguring its refineries to run more domestic light crude. U.S. crude oil imports from Canada are currently at an all-time high.
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