'Canada's Blown Multi-Billion $ Energy Opportunity'

[errolanderson]

LNG export opportunity evaporates on Cdn regulatory mess. You can lead a horse-to-water . . . .

http://www.bnn.ca/5-factors-that-dashed-canada-s-energy-superpower-dream-1.814216

[errolanderson]

Petronas Canada cancelled a $36 billion liquified natural gas project in BC. This project may have created up to100,000 jobs on the west coast. This should shock our politicians and Canadians (IMHO).

This triggered selling pressure on the loonie today . . . .

[fjlip]

Was it the Greens/NDP ?

[Guest]

Was it the Greens/NDP ?

yes , absolutely

[SASKFARMER3]

Yep the NDP and Greens are Job killing monsters in the name of F#$K who knows what. Gov jobs they figure create more wealth.

[MBgrower]

Natives appeared pleased on the announcement too. If instead of they negotiated a share of revenue they'd have a lot less problems in their communities. Its going to get to a point where no foreign investment will occur in these sectors if this continues. As sk3 said, ndp will just create more phony govt jobs.

[burnt]

Not only has the pipeline been cancelled, it appears that there are now penalties being paid to the oil companies for the cancellation!

To the tune of hundreds of millions of dollars.

The BC Green/NDP coalition took illegal measures to stop this development and we all get to pay the cost.

This is what happens when communist zombies like Trudeau, Notley, Wynne and Horgan run the show.

Not a local or western disaster, but Canada-wide.

Diane Francis lays it out here - read it and weep:

[URL="http://business.financialpost.com/diane-francis/diane-francis-b-c-s-war-on-resource-development-is-a-national-tragedy/wcm/72892cdd-d68b-4b0d-9e37-2b69b63a70b3"]http://business.financialpost.com/diane-francis/diane-francis-b-c-s-war-on-resource-development-is-a-national-tragedy/wcm/72892cdd-d68b-4b0d-9e37-2b69b63a70b3[/URL]

[sumdumguy]

Such a dysfunctional country! Too many grassfarmers!

[fjlip]

"They trample the rights of developers and the 150-year-old constitution enshrines a federal government too weak to challenge provinces. Constitutional amendments are virtually impossible. Open defiance is constant from First Nations blocking the Mackenzie Valley pipeline or Ring of Fire mega-projects to B.C. blocking Alberta oil shipments and Quebec blocking the development of hydro-electric projects in Newfoundland for export.

The country is balkanized and a de facto European Union, with competing interests that paralyze economic development.

Ottawa has powers to govern on behalf of all Canadians, but doesn’t. This time, the feds must forbid any interference in the building of that pipeline by the Province of British Columbia and provide security if needed."

Wow!, what f*cking losers!

This first past the post elections just gives 60% of us a DICTATOR with their agendas. for at least 4 years...
I wish Turdo would reform this crap like he promised...that part I agreed with! Oh and the weed laws too...

[chuckChuck]

http://www.bnn.ca/5-factors-that-dashed-canada-s-energy-superpower-dream-1.814216
From the BNN Story that Errol posted. The top 3 factors are below for all to read. The last 2 factors were indeed politics and environmental opposition. But Trudeau gave his approval to a couple of pipelines for crude, Keystone and Transmountain. Notley wants pipelines built as well. LNG had other problems as noted by BNN.

So blaming all the problems on political opposition and environmentalist is wrong. Lumping all the NDP and Liberal governments into a single position on energy development isn't backed up by the facts. All you hard core partisans are eager to criticize for mostly partisan reasons. That's fine, but anyone who can read and pays attention with an open mind knows better.


Below, BNN breaks down the five main factors that undermined Harper’s goal.

OIL PRICE CRASH

No single factor was more influential in halting the rapid upward march of the Canadian energy sector than what happened to crude oil prices in late 2014. In what remains the most significant collapse in the modern history of crude oil, prices fell from more than US$100 per barrel to below US$30 in a matter of months; and even today they remain at less than half of their former value.

Profit margins were decimated and in order to survive, the industry that was once expected to create 100,000 new, highly-paid jobs over the next decade was forced to shrink its labour market by an even greater amount. Plans for future expansions were delayed, put an ice or cancelled outright. That was especially the case for new oil sands mines, where break-even costs remain north of US$90 per barrel.

MORE THAN JUST OIL PRICES CRASHED

Prices for certain products are different depending on where they are sold. The difference between those prices is called a “spread”; and in 2012 the spread between natural gas prices in Asia and those in North America was massive. Japanese buyers were willing to pay as much as four times as much as buyers in Canada or the United States. Dozens of companies saw an opportunity to capitalize on that spread by purchasing natural gas in North America and selling it in Asia -- a process known as “capturing the spread.”

Trouble is, by the time those companies made the necessary preparations and investments, that spread had narrowed to such an extent that few could still justify the economics of their proposals. That was especially true in Canada, where the cost of building new liquefaction and export facilities from scratch dramatically outweighed the cost of reconfiguring import terminals that already existed in the United States.

OUT-OF-CONTROL COSTS

Well before crude oil prices collapsed, Canada’s oil patch was already pushing up against the limits of its own growth prospects as companies spent more and more to pull petroleum products out of the ground. Chronic labour shortages led to increasing competition between companies trying to recruit top engineering and operational talent.

The result was dramatically rising wages, where truck drivers could make upwards of $170,000 per year and those with more specialized skills could demand far more. Even if crude oil prices had remained near their lofty triple-digit heights, it is entirely possible the industry would have failed to attract – or afford – the tens of thousands of additional workers that would have been required to achieve their ambitious growth plans.

[Oliver88]

Petronas Canada cancelled a $36 billion liquified natural gas project in BC. This project may have created up to100,000 jobs on the west coast. This should shock our politicians and Canadians (IMHO).

This triggered selling pressure on the loonie today . . . .

What kind of moronic groups would actually oppose a $36 billion investment and thousands of high paying jobs???

It couldn't be left wing NDP/environmental groups who want more social services is it??? 🙈

[Horse]

It sounds like a conservative that can't accept that they lost the election.

[SASKFARMER3]

No horse I'm not pissed because we lost the election. I'm shocked at how f$&King stupid people are that want free stuff like child care, low taxes every gov program you can dream of would shut down a mega project that would pay for all their dreams. That's a real kind of special group. Your basically idiots.

[burnt]

No horse I'm not pissed because we lost the election. I'm shocked at how f$&King stupid people are that want free stuff like child care, low taxes every gov program you can dream of would shut down a mega project that would pay for all their dreams. That's a real kind of special group. Your basically idiots.

My, my, saskfarmer, what an uncouth manner in which you declare that Liberalism is a mental disorder...

[westernvicki]

Did a paper on this once: the importance of teaching life-skills and economic theory to children.