ARC ENERGY IDEAS

This week on the podcast, Jackie and Peter review developments in the Iran war, which entered its tenth day at the time of recording on the morning of March 9, 2026. 
The U.S. reports striking thousands of targets in Iran during the first week of the conflict and damaging or destroying more than 40 Iranian naval vessels. In response, Iran and the Islamic Revolutionary Guard Corps (IRGC) have launched missiles and drones across more than ten countries in the region. 
Energy infrastructure across the Middle East has also been targeted, including facilities in Saudi Arabia, Qatar, Bahrain, Kuwait, the UAE, and Iran. Some regional producers have shut in oil production due to export disruptions, full storage tanks, and, in some cases, damaged facilities. 
Tankers continue to avoid the Strait of Hormuz, a chokepoint through which roughly 20% of the world’s oil supply and LNG trade normally pass. The U.S. has offered naval escorts and a $20 billion tanker reinsurance program to restore shipping, but tankers are not moving yet. WTI briefly surged to about US$118 per barrel on March 9, before easing, amid reports that the G7 was considering releasing strategic petroleum reserves (SPR) and comments from the US President suggesting that the conflict could be nearing an end. 
Jackie and Peter also explore potential winners from the crisis, including renewable energy and other alternatives, electric vehicles (EVs), Russia, and possibly Canada, particularly if Canada can expand market access and increase oil and gas production. 
Content referenced in this podcast:
Financial Times: G7 discuss joint release of emergency oil reserves (March 9, 2026) 
Polymarket: US X Iran cease-fire by….  
CBC: Nervous nations calling Canada's energy minister after Iran strikes (March 3, 2026) 
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On February 28, the United States and Israel launched an attack on Iran, killing the Supreme Leader along with other senior leaders of the Islamic Revolutionary Guard Corps (IRGC). In his initial statements following the attack, President Trump signaled that regime change was a potential objective. 
Iran responded aggressively, targeting a range of military, civilian, and energy infrastructure across nine countries at the time of recording. Energy facilities have been hit, including a refinery in Saudi Arabia and LNG export facilities in Qatar. The Strait of Hormuz, a strategic chokepoint handling roughly one-fifth of global oil flows and a key corridor for Qatar’s LNG exports, is effectively blocked. Shipping companies and insurers are unwilling to risk moving through the narrow chokepoint amid ongoing missile and drone attacks in the region. Several tankers have also reportedly been struck. 
As a result, oil and natural gas prices have risen. If the Strait of Hormuz remains blocked for an extended period, even higher prices are expected. 
This week on the podcast, Peter and Jackie are joined by Josef Schachter, President and Founder of Schachter Energy Research Services Inc. They discuss the recent events, oil prices, available spare production capacity, and inventories, and what these developments could mean for the Canadian oil and gas industry. 
Content referenced on this podcast:
Learn more about the Schachter Energy Report and the Eye on Energy Report 
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Prime Minister Mark Carney has said Canada needs to “build at speeds not seen in generations.” More than ten major projects have now been referred to the Major Projects Office (MPO). Assuming that all of the projects move forward in the next few years, will Canada have enough skilled workers to deliver them? 
To explore this question, our guest this week is Sean Strickland, Executive Director of Canada’s Building Trades Unions. Canada’s Building Trades Unions is the voice of the country’s construction workers, representing more than 600,000 skilled tradespeople across Canada. 
Here are some of the questions Jackie and Peter asked Sean: What is the current situation- do we have a shortage or an excess of trade workers? How might that change if all the projects being advanced by the Major Projects Office (MPO) move into construction over the next few years? How mobile is the labour force, and are there policy changes that could improve labour mobility? Are temporary foreign workers still available if Canadian labour becomes stretched thin? What are the demographics of the current workforce? What is it like to work on industrial projects in remote regions, including both the sacrifices and the rewards? How can workforce planning be done when the number of projects that will ultimately proceed remains highly uncertain?
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This week on the podcast, we’re sharing highlights from a conversation at the 8th Annual Haskayne School of Business PETRONAS International Energy Speaker Series held on February 11, 2026. 
Jackie Forrest moderated a sold-out session featuring award-winning author Edward Fishman, whose recent book Chokepoints: American Power in the Age of Economic Warfare, explores the rise of U.S. geoeconomic strategy. Mr. Fishman is a Senior Research Scholar at the Center on Global Energy Policy and an Adjunct Professor of International and Public Affairs at Columbia University. 
Joining the discussion was Robert (RJ) Johnston, Director of Energy and Natural Resources Policy at the University of Calgary’s School of Public Policy. 
The conversation explores a wide range of issues, including the United States’ use of tariffs as a tool of economic warfare, the potential for expanded investment and trade between Canada and China, how such a shift might be viewed by the U.S., and key lessons from American intervention in Venezuela. The panel also discusses the prospects for a peace agreement between Russia and Ukraine, whether a weakening U.S. dollar could diminish America’s ability to deploy economic statecraft, and, finally, whether China’s growing self-sufficiency could ultimately reduce the effectiveness of U.S. sanctions and leverage. 
The episode concludes with Peter and Jackie sharing their reflections on the discussion, offering their own perspectives, and examining the issues through a Canadian lens. 
Content referenced in this podcast:
Peter Tertzakian’s article on why Canada must act with urgency to diversify its export markets, “Oil, Mercantilism, and the Return of Gunboat Economics” (January 12, 2025) 
Edward Fishman’s article on how Europe should handle Donald Trump’s threats, “Want to stop Trump bullying your country? Retaliate” (February 8, 2026) 
Peter Tertzakian’s article, “The Cost of Being a Market Hostage,” (September 8, 2025)
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This week on the podcast, our guest is Brandon Moffatt, Chief Development Officer at StormFisher Hydrogen. StormFisher Hydrogen develops projects that repurpose energy, water, and power, with a focus on green hydrogen and e-fuels across the North American market. The company is currently advancing a low-carbon methanol project in Varennes, Quebec. 
The conversation begins with an overview of green hydrogen–derived products, including e-methane, e-methanol, and green ammonia. Brandon explains why e-methanol is emerging as a leading end-use for green-hydrogen-derived fuels, particularly for marine shipping and aviation. 
The discussion then turns to Canada’s competitive advantages in producing e-fuels, including access to low-carbon grid electricity in Quebec, Manitoba, and British Columbia, as well as the Canadian Investment Tax Credits (ITCs). With the United States rolling back support for green hydrogen in the One Big Beautiful Bill Act (OBBBA) last summer, Brandon notes that Canada currently holds a policy advantage in North America. However, global competition remains strong, particularly from India, China, and the Middle East, where cost structures are advantaged. 
For Canada to remain globally competitive in green hydrogen-derived products, Brandon outlines several changes he believes are needed to Canada’s existing ITC framework. These include:
Allowing access to the full green hydrogen ITC when grid power is more than 90% non-emitting 
Extending eligibility to downstream equipment, including e-methanol and sustainable aviation fuel (SAF) production, consistent with how ammonia is treated  
Allowing the use of carbon dioxide in fuel production to qualify for the carbon capture, utilization, and storage (CCUS) ITC
The episode concludes with a deeper dive into the Varennes project, including the potential for local job creation and the anticipated timing for a final investment decision and first production. 
Content referenced in this podcast:
S&P Canadian Electric Car Insights to Q3 2025 (Dec 2025) 
StormFisher Hydrogen’s website 
Learn more about StormFisher’s low-carbon methanol project in Varennes, Quebec 
Note, the ARC Energy Funds are an investor in StormFisher Hydrogen. Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ 
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LinkedIn: @ARC Energy Research Institute 
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