Thursday, October 26, 2017

I Missed This Last April. It Seems Justin Did Too.

This comes directly from the business page of Canada's most oil-friendly newspaper, The Calgary Herald. It's from April 24, 2017 to be exact.

China’s ambassador to Canada tried to allay concerns about a possible free trade pact between the two countries, addressing worries surrounding state-owned enterprises snapping up oilsands assets.

To be honest, Chinese enterprises buying Canadian oilsands enterprises are actually incurring (a) loss,” Ambassador Lu Shaye told the Canada China Business Council on Wednesday, according to a copy of his speech.

Canadian oilsands is not competitive given the current international oil price. Even if Canadians did not disapprove of China’s investment in (the) oilsands industry, I do not believe that Chinese enterprises would still be interested in this.”

So, just what is the deal? We're told this Kinder Morgan pipeline, so fiercely opposed in British Columbia, must be pushed through to meet Chinese demand. When Trudeau said he was going to renege on his solemn election promises, that was the line he used to justify his betrayal.

WTF?  Do we have some order from China for a million barrels of bitumen a day? If not, where are we planning to ship this crud?


Northern PoV said...

Economics killed Energy East. The legal and (if needed) social obstruction of KM will delay it long enough kill it off too.
No one wants our bitumen.

Anonymous said...

Northern PoV is right. Trudeau has made a very cynical decision to okay the pipelines so that he doesn't have to hear the gnashing and wailing from Alberta. He'd prefer to let "the invisible hand" do the dirty work.


Trailblazer said...

Digging for oil just sounds stupid in the first place!

Now we have this;

Oil will be desirable for many years particularly by the military.
The rest of us will , bitching and complaining, succumb to electric and hybrid vehicles and solar cells on the roofs of our homes.

FWIW; remember when we said those 'rice burner' cars would never catch on!!


Anonymous said...

That's Alberta for you.