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Oil and Gas Sector-Politics and Image

This oil bull market is already a cash-flow bonanza for Canada and it has room to run – by Peter Tertzakian (Financial Post – January 26, 2022)

https://financialpost.com/

Running bulls are calling for another era of US$100-plus oil. The last time we saw that number flicker on a quote screen was July 2014. Today’s market feels more like circa 2007. Robust oil and gas consumption tugs against reluctant production and geopolitical tensions — think Russia, Ukraine, Middle East — act as a dark, phantom force to the upside.

The here-and-now price of a barrel has topped US$80 (WTI), which is a milestone. Any price that starts with an eight goes beyond psychological curiosity — fiscal consequences ensue outside the US$50-to-US$70 comfort zone.

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[Ukraine/Russia Conflict] Germany’s Folly Preview – by Diane Francis (Diane Francis Website – January 27, 2022)

https://dianefrancis.substack.com/

Germany, normally considered one of the world’s smartest nations, rang in 2022 by pulling the plug on three of its last six nuclear plants and plans to close the rest by the end of 2022.

This policy to de-nuclearize the country has been a disaster and made the country dependent on Russia for energy, putting both Europe and the West at risk. Germany is Europe’s largest consumer of electricity and natural gas, the fifth-largest consumer of oil in the world, and more than half of all its energy comes from Russia.

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The sustainable path to becoming an energy superpower – by Diane Francis (Financial Post – January 25, 2022)

https://financialpost.com/

Canada can, and should, play a larger role in the global energy market, in order to protect the environment and guarantee Canadian living standards

The Canadian economy, and its currency, are intricately tied to oil markets. The good news is that the price of oil is up and is likely to stay that way for years to come.

Canada is an energy superpower, and has been for a number of years. It’s an exporter of electricity, uranium and natural gas, and is the world’s fifth-largest producer of oil. And its oil exports have grown in recent years, thanks to pipeline workarounds and growing demand south of the border.

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Why is it Canada’s ‘duty’ to destroy its economy and Confederation in the pursuit of net zero? – by Rex Murphy (National Post – January 20, 2022)

https://nationalpost.com/

Sometimes the best questions are the ones not being asked. In the Canadian political arena there are a couple or more in that category. I’ll go to the biggest one right off the bat: Why and how has the “goal” of getting to net-zero emissions become such a doctrine?

Another way of phrasing the same question is: What’s so wrong, what’s so defective in our current energy system that the Liberal government has pledged, as its absolute priority, to replace it?

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OPINION: Big Oil’s green revolution has been postponed again, never mind the climate – by Eric Reguly (Globe and Mail – January 14, 2022)

https://www.theglobeandmail.com/

Big Oil wasn’t supposed to be Big Oil by now. The world’s largest stock market-listed oil companies were supposed to be different beasts at this point, in recognition that climate change was a clear and present danger, that crazy-expensive development costs were killing them and that they ultimately could not compete with the state-owned production machines in the desert, such as Saudi Aramco, with ultracheap pumping costs.

Yet today, nothing much has changed. They are still Big Oil – just with a smattering of clean-energy businesses on the side, as if for climate change PR purposes.

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Those who support protests and blockades are doing a disservice to Indigenous people – by Chris Sankey (National Post – December 8, 2021)

https://nationalpost.com/

We are pushing for equity ownership in the projects that extract resources from, or run through, our territories. Yet the protesters threaten to take all of that away

No one can deny the growing support for Indigenous-led resource projects. New, positive announcements are being made across the country virtually every week, with more communities entering joint ventures or signing agreements with stakeholders in a variety of industries, from mining and oil and gas, to fishing and forestry.

Never have Canadians been so supportive of Indigenous-led initiatives. This is encouraging. Every day I look at my children and I’m reminded about my underlying motivation. When I see our people going through challenging times, I think about the opportunities we have that our parents couldn’t even dream about.

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Opinion: We are Wet’suwet’en and the Coastal GasLink pipeline protesters do not represent us (National Post – December 7, 2021)

https://nationalpost.com/

The following was authored by members of the Gidimt’en Clan and released by Wet’suwet’en First Nation council at their request.

We are members of the Gidimt’en Clan of the Wet’suwet’en Nation, together with extended family members from other Wet’suwet’en house groups and communities, both on- and off-reserve.

Our clan territories include the area where the Coastal GasLink pipeline crosses the river we call Wedzin Kwa. We are deeply hurt and angered by the conduct and statements of some of our community members and others who claim to be defending our lands and laws against the pipeline.

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Alberta rides higher oil prices toward a balanced budget – by Patrick Brethour (Globe and Mail – December 3, 2021)

https://www.theglobeandmail.com/

The fiscal roller coaster of oil prices is headed up, up, up for Alberta, Saskatchewan and Newfoundland.

All three energy-producing provinces have unveiled much improved revenue numbers in the past week, driven by the rebound in crude prices. But the lurch upward is most breathtaking in Alberta, where the deficit is plummeting – and a surplus is even possible next year.

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CBC Misrepresents Indigenous Views, Impact of Activism Against Canadian Oil and Gas (Energy Now Media – December 6, 2021)

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An article published this week in CBC’s “What on Earth?” series perpetuates misinformation about the relationship between Indigenous communities and oil and gas projects in Canada, particularly the Coastal GasLink Pipeline.

The CBC also distorts the environmental impact of anti-oil and gas activism by quoting, unquestioned, analysis by activist groups Oil Change International and the Indigenous Environmental Network.

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Wall Street Holds Fast to Fossil Fuels as Climate Pressure Grows – by Nicholas Comfort and Steven Arons (Bloomberg News – December 6, 2021)

https://www.bloomberg.com/

With the ink hardly dry on a landmark pledge by the finance industry to fight climate change, the world’s biggest banks are making clear they plan to stand by their fossil-fuel clients.

Take JPMorgan Chase & Co., the leading arranger of bonds for oil, gas and coal companies. In the weeks since the bank in October joined Mark Carney’s global alliance to achieve net-zero emissions from finance, it has underwritten some $2.5 billion in bond deals for companies like Gazprom PJSC and Continental Resources Inc., equivalent to the same period in previous years.

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Leonardo DiCaprio is wrong — the Coastal GasLink Pipeline is good for Indigenous people – by Ellis Ross (National Post – November 26, 2021)

https://nationalpost.com/

An open letter to a misinformed movie star

Dear Leo, I was confused and alarmed when I read your Tweet claiming “militarized raids” have been ordered against protestors participating in illegal and dangerous blockades opposing the Coastal GasLink project in Northern British Columbia.

But then I thought, given your busy schedule as a Hollywood movie star, you may not have learned the full story behind this transformative, environmentally sustainable project. So please, allow me to fill you in.

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Winners and Losers of David Suzuki-gate and the Coastal GasLink pipeline battle – by David Staples (Edmonton Journal – November 24, 2021)

https://edmontonjournal.com/

Here is one fact about the $6.6-billion Coastal GasLink pipeline in northwest British Columbia that may not be top of mind just yet: All 20 elected Indigenous groups across the 670 km route have signed agreements supporting the pipeline.

That’s right, 20 out of 20, 100 per cent, though the pipeline is still not supported by one smaller group led by Wet’suwet’en hereditary clan leaders. Without knowing that 100 per cent of elected Indigenous council support the project, there’s no way for any of us to fully grasp what’s happening in this pipeline dispute, correct? It’s vital context. That’s why I’m focusing on it.

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Trudeau and Biden double down on efforts to destroy our economy – by Rex Murphy (National Post – November 23, 2021)

https://nationalpost.com/

Here is a perfect symmetry. Trudeau wants to kill the oil and gas industry. Biden wants to kill our auto industry. Simpatico. They are twins

The Three Amigos? I beg your pardon. Is that an appropriate nomenclature for a conclave of the three finest minds in the statesmanship of our present-day world? What ugly slur next — the Sombrero Summit? Enough of these careless and undignified representations.

Surely a meeting between leaders of the intellectual stamina of Prime Minister Justin Trudeau, Mexican President Andrés Manuel López Obrador, and particularly that giant of international understanding and competence — a Churchill for our time — U.S. President Joseph Robinette Biden Jr., calls for a more dignified, respectful designation than a play on some fifth-rate movie. Shame on the news wires and networks.

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Quebec gets a taste of Alberta’s pain – by Ricky Leong (Calgary Herald – November 9, 2021)

https://calgarysun.com/

It’s a cross-border energy project meant to bring reliable Canadian energy to eager customers in the United States. All the players jumped through the necessary hoops with the appropriate regulatory agencies over a number of years. It even got the necessary nod from the White House.

With all the I’s dotted and T’s crossed, upgrades to existing infrastructure and construction of extensions began in earnest. But now, millions of dollars and many months into the process, the work suddenly faces political obstacles that threaten to derail the project entirely.

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Harper says Canada’s climate-change policy unfairly singles out ‘certain parts of the country’ – by Steven Chase (Globe and Mail – November 9, 2021)

https://www.theglobeandmail.com/

Stephen Harper is criticizing Prime Minister Justin Trudeau’s climate-change policy for unfairly singling out “certain parts of the country,” as the Liberal government proceeds with a hard cap on oil-and-gas emissions that are expected to particularly affect provinces such as Alberta and Saskatchewan.

Mr. Harper was speaking Tuesday at a virtual event held by the Canada West Foundation, an Alberta-based think tank. The event was closed to media but The Globe and Mail obtained a recording of his remarks.

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