Everyone in favour of the federal government taking on a nine to twelve billion dollar pipeline expansion when bitumen is now plainly a "stranded asset," please raise your hands.
Nobody? Sure? Nobody, really?
Since this government foolishly put out nearly five billion to buy the pipeline route from the guys who were going to shut it down and couldn't find anyone in the private sector to buy them out, the pipeline has languished in litigation and indecision.
At the same time we discover it's going to cost billions more to complete than we were first told.
Now the government is scrambling to scrape up an additional and unforeseen tens of billions of dollars for stimulus spending to blunt the damage and loss caused by the coronavirus, spending of a magnitude far greater than what Harper had to spend on the 2008-2009 Great Recession.
Meanwhile world oil prices are cratering, some oil types predict they're not coming back to the days where bitumen was economically viable. In other words the pipeline has "no visible means of support" just like a lot of streetwalkers.
Could this be a good time to cut our losses on that damned pipeline? Show of hands?
Everybody? Really?
8 comments:
How about that damned Site C dam? Same thing?
I understand they moved 2,000 w0rkers out of the Site C Hilton. How is that going with their "on budget, on schedule" spiel? Wasn't there a concern that the diversion tunnels wouldn't complete PRIOR to this unforeseen calamity?
While you're at it, throw in the Coastal GasLink fiasco - another doomed stranded asset!
Cheers!
Let's say we shut down the TM pipeline. Then what? How do we get rid of thousands of kilometres of pipe filled with carcinogenic toxins? The 5 billion we paid already is just an opening bid on the cleanup.
Cap
John, you raise questions I haven't heard anybody ask of our provincial or federal leaders. Nobody seems to be interested in volunteering information.
Jesus, Cap, you're a real crepe hanger, eh?
It won't be only the fossil fuel industries that are effected.
Anything to do with mass transportation of people will also take a hit particularly with the elderly.
Cruise ships and airlines will never be the same again.
The shouts for bailout is going to be loud and often particularly from industries that have little chance of recovery.
TB
TB, I take comfort in knowing that major automobile companies, starting with Volkswagen, are switching to electric power. VW won't be making internal combustion engine vehicles, gasoline or diesel, in a few years. They're not alone.
Mound, did you ever drive an electric car? They make me wonder why people put up with the noisy, stinking, problem prone internal combustion engine all these years.
A side benefit for EV owners during the Covid-19 crisis is that an EV can be recharged at home thus avoiding public places such as gas stations.
(Yes, we are isolating as much as we can; we still need groceries and pharmaceuticals.)
I've driven a couple of hybrids, Toby, but not the EVs. This post from 2014 should sound familiar to you.
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