Monday, December 17, 2012

Time to Face the Music - Only the Communists Can Keep Athabasca Afloat

"Seriously, Does This Make My Ass Look Fat?"
Canadian Tar Sands heavy-crude oil is uneconomical.   The proof is that there's not enough investment money coming in to keep the Athabasca house of cards from collapsing.   Joe Oliver says there's no shortage of private capital for the bitumen pits.  He's a liar.  Even the National Post can't deny it.   The Tar Sands are dependent on Communist Chinese government life support.

The oil sands are more “vulnerable than many would care to admit,” and are already facing ‘exceptional circumstances’ under which the federal government has said it will allow state-owned-enterprises to takeover bitumen assets.

“The need for massive amounts of capital, skyrocketing costs, the exposure to oil price volatility, the technological and environment issues, the competition from shale oil, severe pipeline bottlenecks and political opposition in Canada and the United States are just some of the challenges which will ensure that ‘exceptional circumstances’ will guide most future government decisions regarding the oil sands,” Pierre Fournier, geopolitical analyst at National Bank Financial said in a report.

The industry needs around $60-billion of capital annually, which exceeds the available long-term private capital. Meanwhile, Chinese capital — abundant and patient — is an attractive and alternative source of capital to fuel the oil sands’ development.
“Over the years, CNOOC has acquired and managed highly diversified projects in some of the riskiest jurisdictions in the world, with few concerns for oil prices or global economic conditions. Overall, China also seems convinced that natural resources —including Canadian oil and gas — are sound long-term investments.”

Harper said he would never, ever, not ever again allow a Chinese government takeover of a Canadian energy major - except in, wait for it, "exceptional circumstances."    Now the Oil Patch is saying that the whole damned thing is one giant "exceptional circumstance" in need of Chinese Communist government life support.

Update - A sad reminder that Alberta buried the last great Albertan who truly understood the Athabasca Tar Sands and how that resource needed to be developed, only they never listened.  Now the Communisty Party of China gets to reap what they sowed.  A bunch of damned, greedy fools who get what they deserve.

1 comment:

Anonymous said...

The tar pits do nothing for Canadians what-so-ever. Harper gave Red China the jobs that, go with the tar sands. All company's are permitted to hire China's cheap labor. Chinese resource workers, earn up to $17.00 per hour less than Canadians. As Canadians, our rights have been taken away from us. We are governed by, a tyrant of a Dictator. A damned traitor.

Gordon Campbell gave China our resources and resource jobs, to Red China long ago. Campbell also works for Harper. There are up to 2,000 Chinese coming to take BC mining jobs. Campbell shipped BC mills to China, along with BC's raw timber. Hundreds of BC mill people, lost their jobs. BC is a totally destroyed province. The Campbell/Clark BC Liberals and Harper, thieved and sold, everything of value out of BC.

Harper is the worst P.M. in the recorded history of Canada. Provinces dish out taxes to Harper, for him to abuse and waste. Resource provinces or none of the provinces, are safe in Harper's Canada. We are far better off, to leave Harper, Ottawa and Alberta as their own country. Provinces that don't want to be, in China's takeover of Canada, had better get the hell out of Harper's Canada. If they don't, they will be given to Red China, just as BC has been.