Skip to main content

Teck withdraws application for $20B Frontier oilsands mine, citing debate around climate policy

CBC News

There's probably lots not being shared here. When I first learned of this project, I couldn't help wondering, "Why?" From everything I've read about the Tar Sands, I've come to conclude there's probably not a whole lot of money left to be made there. The Canadian government's been subsidizing Alberta for tens of billions of dollars for the past decade now. Not a whole will probably change in the near future, except for the continual inflation of costs to keep Alberta going. When it's all said and done, the Tar Sands will probably have drained 100's of billions of dollars out of Canadian taxpayers' hands, and there'll be nothing to show for it in government treasuries.

I thought for certain this development was one last ditch effort to drain some more free capital out of the Albertan and Canadian treasuries, but for the company to wind down the project at this point speaks that Canada and Alberta both wanted the other to bail this development out. There was nothing forthcoming, and so it dies, which is all well and good, as I never saw profit in its future except for debilitating government subsidies.

However, the federal government is keeping quiet on this. The Albertan government is bleating, blaming the federal government for this failure, but there was probably never any saving this project. The Canadian government's been bending over backwards for Alberta for two decades. Any further bending would break the federal government's back.

Comments

Post a Comment

Popular posts from this blog

Private Equity is a TERRIBLE Investment... Who Keeps Giving Them Money? — How Money Works

Not too much to comment. Business in the USA and by extension Canada is bad right now. Probably for a generation. We really do need a generational plan to get us out of this mess. A ten to twenty year program, unfortunately. Placing pieces onto the board and moving them where they need to be to make things work again. By pieces, I mean people. We need good strong policies to implement as well. There's a lot to think about.
Post a Comment
Read more

The human 'superpredator' is unique -- and unsustainable, study says

Los Angeles Times I can't imagine the world in ten years time. Twenty years. It'll be different. As different as the world was even in my own childhood. As different as the world was from my parents' childhoods. My elders speak of our role on this Earth as caretakers. However, we've abandoned this role in favor of materialistic pursuits. Of finite beliefs that will quickly degrade into ash when stressed, as heated glass touching cold water. All cultures historically warn us away from over-indulgence, and yet our own modern society celebrates this behavior as exemplary. This self-interest is our fatal flaw. We take what we want, and we give nothing. This cannot last. There are limits on this Earth we cannot comprehend in full. It is simply too vast. However, what little we do know should terrify us into acting more responsibly, even if only marginally. However we do not even do that. Our leaders urge us on to continue on as we have done. This cannot last. Eventuall...
1 comment
Read more

The potential Canadian federal government budget

If Trudeau has brought in Mark Carney as a kind of special advisory role, then it's likely the upcoming budget will resemble the budget the Labour government in the UK unveiled just recently. It'll likely be a large stimulus bill aimed at getting cash into hands and raising taxes on the wealthy and corporations. If the howls for Trudeau's resignation are any indication, he's probably placed a lot of confidence into Carney, and why wouldn't he? Carney's well-respected and liked by the Canadian public and seen as someone who's able to stand up to bullies such as Harper and Poilievre. The work in policy Carney has done recently inspires me quite a bit, and I'm quite a bit of a radical, standing considerably to the left of the federal NDP. From the results of the Cabinet shuffle, Trudeau seems to be keeping Carney at arms length away from  the Cabinet, but I wouldn't be surprised if Carney is on speed dial for both him and the entirety of Cabinet. But it...
Post a Comment
Read more