Corporation Threatens $7.4 Billion Cancellation!

[Economy 52,843]

 

https://www.bnn.ca/alberta-s-notley-vows-to-do-whatever-it-takes-to-keep-trans-mountain-expansion-alive-1.1050934

 

The Company wanting to build the $7.4 Billion Transmountain Pipeline for years has said it refuses to spend any more money on legal battles and wait anymore delays. They want a definite yes or no by May 31st or they will cancel the project

 

The Federal Government approved the project but the Province of British Columbia has been fighting with every legal means to delay the project including delaying construction permits

 

Since then Western Canada has been in a trade war with the Province of Alberta Threating to bring back import ban and shutting off BCs oil supply to spike their gas prices and damage their economy

 

Alberta has offered to personally invest in the companies stock as a way to try to get them to keep project alive.

[Economy 52,843]

@JustinTrudeau looks like our companies running losses and paying almost no taxes and selling oil for $20/barrel discount will continue 

[corvus albus 38,031]

11 minutes ago, Economy said:

@JustinTrudeau looks like our companies running losses and paying almost no taxes and selling oil for $20/barrel discount will continue 

Well someone needs to chop these trees down if the bievers aren't going to do it

[corvus albus 38,031]

Jokes aside this just shows the dark side of capitalism even more. I'm kind of happy to live in Germany because even if the German economy has numerous faults at least companies can't threaten the governement. In Germany VW writes the speeches for the politicians so nothing is wrong. I'm serious this is happening way more than you would think and not even our press bats an eye.

[Economy 52,843]

5 minutes ago, corvus albus said:

Well someone needs to chop these trees down if the bievers aren't going to do it

They get replanted plus most of the oil now isn't even done by mining anymore. Ppl against the industry conviniently like to report on oil sands the way the industry started and forget to mention the new standards. Most projects now are done by insitu steam injections which means drilling is done in one spot and only small areas require trees to get cut down. Older projects that started in the past are mostly the ones that are still using that mining method currently cuz they were set up that way

 

Also the Government has put in some strict environmental requirements as conditions for doing energy business here including water recycling of the water they use (it's 90% efficient, 10% still gets lost as waste water) and they've had to spend billions in new technologies to reduce emissions

 

In additions The Province of Alberta agreed to put in a carbon tax last year to encourage further emission reductions as well as a 100 Million Megatone pollution limit (meaning once industry hits that ceiling no new projects can be approved until emmisions come down)

 

Companies had to do that despite the Oil Price discounts due to infrastructure shipping shortages

 

I get that environment is important too but we've made companies run such big losses already on big environmental standards and some ppl still wanna kick the industry down further. In the mean time US shale is getting all the investment now and were no longer creating these high paying jobs

[corvus albus 38,031]

Just now, Economy said:

They get replanted plus most of the oil now isn't even done by mining anymore. Ppl against the industry conviniently like to report on oil sands the way the industry started and forget to mention the new standards. Most projects now are done by insitu steam injections which means drilling is done in one spot and only small areas require trees to get cut down. Older projects that started in the past are mostly the ones that are still using that mining method currently cuz they were set up that way

 

Also the Government has put in some strict environmental requirements as conditions for doing energy business here including water recycling of the water they use (it's 90% efficient, 10% still gets lost as waste water) and they've had to spend billions in new technologies to reduce emissions

 

In additions The Province of Alberta agreed to put in a carbon tax last year to encourage further emission reductions as well as a 100 Million Megatone pollution limit (meaning once industry hits that ceiling no new projects can be approved until emmisions come down)

 

Companies had to do that despite the Oil Price discounts due to infrastructure shipping shortages

 

I get that environment is important too but we've made companies run such big losses already on big environmental standards and some ppl still wanna kick the industry down further. In the mean time US shale is getting all the investment now and were no longer creating these high paying jobs

This was really meant as a joke but i waited too long with my response . I know that Canada is one of the few western countries that gives more than two ****'s about its environement.

[Economy 52,843]

4 hours ago, corvus albus said:

This was really meant as a joke but i waited too long with my response . I know that Canada is one of the few western countries that gives more than two ****'s about its environement.

We do. And my point is that if we kill the industry, some other Nation with lower environmental standards will steal our marketshare in production. Say the US as they are doing now

 

Were not helping the environment on the grand scheme of things, were just hurting our economy

 

Oil is over $60/barrel globally and lack of pipelines is forcing companies to sell what they can get it for so our benchmark is going for under $40/barrel

 

[corvus albus 38,031]

1 minute ago, Economy said:

We do. And my point is that if we kill the industry, some other Nation with lower environmental standards will steal our marketshare in production. Say the US as they are doing now

 

Were not helping the environment on the grand scheme of things, were just hurting our economy

 

Oil is over $60/barrel globally and lack of pipelines is forcing companies to get what they can get so our benchmark is gong for under $40/barrel

 

To be honest Germany is sadly the US of Europe. We may have relatively good environmental policies but the low wage and the immigrants from eastern europe who work even cheaper damage the economy of our neighbours. But i the grand scheme of things (internationally) we are still to high priced workers so our government is actually trying to push wages even further down because they want less debt. How are they doing this people might ask. Easy! The European Central Bank keeps interest rates low to push the economy because it's not intelligent to save money so everyone is just throwing money out.

[Economy 52,843]

5 minutes ago, corvus albus said:

To be honest Germany is sadly the US of Europe. We may have relatively good environmental policies but the low wage and the immigrants from eastern europe who work even cheaper damage the economy of our neighbours. But i the grand scheme of things (internationally) we are still to high priced workers so our government is actually trying to push wages even further down because they want less debt. How are they doing this people might ask. Easy! The European Central Bank keeps interest rates low to push the economy because it's not intelligent to save money so everyone is just throwing money out.

Excessively low rates for too lonf do indeed cause distortions in the economy u have to pay for later

 

Its ok for a time when credit flow freezes after a crises and ppl aren't borrowing much and banks not lending anyway. Might as well lower people's and companies interest payments leaving them with more real money

 

But longer term as economy recovers leaving rates too low for too long does cause problems

 

Quantitative Easing (essentially money printing) which has been practiced by Japan, Europe and US Central Banks in particular I think is dangerous. If not perfectly calabrated can lead to many bubbles and Inflation down the road

 

 

[JustinTrudeau 2,419]

4 hours ago, Economy said:

@JustinTrudeau looks like our companies running losses and paying almost no taxes and selling oil for $20/barrel discount will continue 

Oh ****