Canadians are told skyrocketing oil prices are the inevitable result of a faraway war. It’s a lie that resigns us to being gouged by oil companies

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The U.S.-Israeli attack on Iran has caused the greatest disruption in world oil supply in history. But not everyone’s unhappy: Canada’s oil and gas industry stands to make record-shattering profits.

Canadians will feel the pain of the oil price shock in everything from their groceries to mortgage payments, as anything that uses petroleum gets more expensive and the Bank of Canada raises interest rates to compensate.

But that’s a policy decision, not a foregone conclusion. Canada produces three times more oil than it uses, and imports virtually no oil from the Persian Gulf. There’s no reason why our economy should be roiled by a war on the other side of the world.