[Newsbot]

Title: How nearly $150 billion worth of energy projects have been shelved in Canada
Category: Political
Posted By: Freakinoldguy
Date: 2020-02-26 11:13:53
Canadian

[uwish]

nothing to see hear..the budget will balance itself

[Thanos]

It's OK though because it didn't happen to any of the important provinces.

[DrCaleb]

Disgusting. All of those companies should be forced to build their economically nonviable projects, even if it bankrupts them.

[herbie]

Just because there's mercury warnings in the fish 50 years later, that's no reason to leave billions of dollars sitting in the ground! Think of the jobs and the tax revenue lost because they made it clean up the site and return the land to the Band instead of re-opening!

[PluggyRug]

DrCaleb DrCaleb:

Disgusting. All of those companies should be forced to build their economically nonviable projects, even if it bankrupts them.

$1:

Last week, Teck said that despite a temporary fall in the price of oil, Frontier still made economic sense. What doesn’t make sense, though, is investing $20 billion in the oilsands when it is clear the federal government will not back you up when protests arise, even if the courts say they should.

Would you invest a nickel in Canada right now when all anyone has to do to choke off the economy is throw a few wooden pallets across a rail line or highway and claim to be defending Indigenous rights or the environment?

Full article here...https://nationalpost.com/news/national/ ... 08397540cb

[DrCaleb]

Full opinion piece there.

The letter from Teck was very different.

[PluggyRug]

DrCaleb DrCaleb:

Full opinion piece there.

The letter from Teck was very different.

The letter is a classic Rorschach test, allowing the reader to place the blame for the withdrawal on his or her preferred scapegoat.

[DrCaleb]

PluggyRug PluggyRug:

DrCaleb DrCaleb:

Full opinion piece there.

The letter from Teck was very different.

The letter is a classic Rorschach test, allowing the reader to place the blame for the withdrawal on his or her preferred scapegoat.

That's the beauty of conspiracies, the lack of need for proof. And people will believe what they want to believe, in the absence of proof.

I'm more pragmatic. Teck could have said outright why they put the project on hold, and they did not blame the federal government at all. It would have cost them nothing, because even if they had the next government would have bent over backwards to revive that project, whether they were conservative or liberal.

The thing that leads me to that conclusion is the fact the Tesla Motors recently not only exceeded the combined value of Ford and GM, but they also overtook Volkswagen. The Tesla Model 3 is the highest selling model in California, again. Tesla is building huge factories in Germany and China, Fiat announced layoff in Ontario today. The Cybertruck is sold out for at least 2 years, and isn't in production yet. Same with the model Y. Even Bill Gates bought a fully electric Porsche, and he can have anything. (Why they call it a 'Turbo" still stumps me though)

Internal Combustion and Hydrocarbons are in maintenance mode. There will be no growth. There will not be another Alberta Oil Boom.

I have been advocating for diversification in the Alberta economy ever since I worked at Syncrude and saw how much effort a barrel of synthetic crude took. I grew up with pump jacks in every farmers field, bowing up and down, pumping barrel after barrel. At Syncrude, thousands of people worked really hard to squeeze a cup of oil out of the sand. The Saudis stick a drinking straw in the sand and oil comes gushing out.

There is no comparison between Alberta Oilsands and cheap Texan or Saudi crude. And with demand falling, it's only going to get worse.

So, we can bemoan all these projects that are not capable of generating the revenue they need to be economical, or we can join 2020 and move on.

[herbie]

$1:

Teck said that despite a temporary fall in the price of oil,

Gambling on oil prices, Alberta's budget is not prudent, responsible — or new
'Budget 2020 continues the very long tradition in Alberta of basing financial decisions on hopes and dreams'
https://www.cbc.ca/news/canada/calgary/ ... -1.5479650
Opinion piece, yes, but I agree with it. OPEC's sitting on production and the idea of demand growing is utter bullshit, short of a war.

To further piss some of you members off, just talked to a buddy home from the oil fields for a week. He told me there;s a growing opinion among oil workers that it's Trump and the US oil producers behind all the anti-oil shit to keep Alberta oil off the markets.