Back in the lofty, pre-Trudeau government days of 2014, back when oil was booming, pipelines were planned to east and west coasts, and Alberta and Saskatchewan were swimming in money, around $81 billion was spent in capital expenditures (CAPEX) in the Canadian petroleum industry. On Wednesday, the Canadian Association of Petroleum Producers (CAPP) forecast CAPEX of $40 billion, which is just about double the disaster year of 2020, but half of 2014. And that’s before #justinflation. What would it be if we had a federal government supportive of the industry, instead of trying to make it disappear?
Curiously, Enbridge announced on the same day its spending a lot of money in Texas, including a port facility for Houston. Funny how it’s not talking about Northern Gateway to Kitimat, or Churchill, or even Valdez, Alaska? Wonder why?
And here’s Brian Zinchuk’s column analyzing all this.
It is amazing that after all these years Texas still has oil and is in the gas and oil business. I thought it was all supposed to be gone by now.
I believe the Permian Basin is beginning to show its age.
I recall the CEO of EXXON saying they’d be pulling petrochemical products out of the Permian Basin for the next 500 years. He probably doesn’t know what he’s talking about though.
Didn’t Boone Pickens swear it would easily be well over 700 years?
And that doesn’t even take into account all of the hundreds and hundreds of capped wells from the Carter fiasco scattered all over Texas, Oklahoma, Lousiana, and others.
Oil is no issue.
making more than ever during the Trump years/
In the six years following the large capex years, thanks to over-production here and in the US shales, investors were screwed. Companies with upwards of 20 years of reserves today have been disciplined by the investment community (that hasn’t been driven off by ESG and elected sociopaths), to constrain capex and return cash flow to their owners through share by-backs, dividends, and eliminating debt that politically motivated banksters can use against them.
We continue to underinvest in energy. There is a price to be paid, down the road.
It’s good analysis by Brian, but doesn’t deal with the ‘why’. In my view, it’s not complicated.
Oil and gas is Canada’s most important export, both by valuation and political importance with other nations. The Constitution gives natural resources to the Provinces. And that’s where the problem lies. Western Canadians refuse to vote Liberal for the past five decades. The Liberals want a say in how that wealth is used and who reaps the political and economic benefits. Hence, the Liberals have been following a policy of economic embargo of any new access to Western Canadian oil and gas reserves ever since the National Energy Program in 1982. Longer than that perhaps if you include the blocking of the McKenzie Valley pipeline by the inquiry of that name.
Justatwit has no imagination of his own, so he’s just following the economic strangulation policy of Daddy.
And Western Canadians do nothing to stop him.
Correct.
Alberta and SK need to get the hell out of the Canadian Penal Colony and scrap every single agreement and arrangement with Ottawa.
If we leave with a UDI it also scraps all the Indian Treaty’s.
I love the idea of a UDI but we would be wise to deal as fairly as we can with the natives. It surprising how many of them want resource exploitation.
Personally I don’t care what Indians want.
They have no more rights and are not above the citizens of Alberta. They get one vote each like everyone else. If they don’t like it go make camp in Ottwa. No Special Deals. And Yah it does not belong to them.
It belongs to all 4.5 M Albertans. They get a share in the benefits but they do not own the land or resources.
When you go UDI all treaties are cancelled.
Same a what happened in 1776. After the USA UDI ie Declaration of Independence.
The Brits tried to maintain control by claiming Indian Treaty Rights they had made with the Indians. A bullshit claim.
A foreign Country ie Canada can not enforce it claims when its Courts no longer have Jurisdiction.
Albertans seriously need to wake up and stop the RAPE.
“Personally I don’t care what Indians want.
They have no more rights and are not above the citizens of Alberta. They get one vote each like everyone else.”
Now, that’s the talk!
treaties.
Burn them they are so yesterday.
Our WEF traitor useful idiot Justine and his moronic sidekick, Stephan the Gullible Criminal, are still on the WEF, chicken little, sky falling, fatalistic, Malthusian climate stick with no evidence, whatsoever, that it is occurring. They want us dead or enslaved with all of the world’s resources and wealth concentrated in the hands of the directorate, while what is left of humanity starves in the dark and cold, serving up whatever agenda meets the wants of the elitists. It is Marxism. Just remember that Marx was a do-nothing, all hat no cattle, loser who nearly bankrupted his family, screwed anything that moved, left at least one bastard in his wake, borrowed from all his admirers and never paid them back. He was a narcissistic sociopathic idiot, a lot like Justine.
And this is why morals matter, because when you let them go to hell, you end up with exactly what you were warned about by your forerunners.
I was looking at the numbers after talk of the 12+ billion dollar “surplus” (not a surplus in my mind when you have 90+ billion in debt that needs to be paid down).
Alberta produces about 3.5 million Barrels per day of oil, which is north of 1.2 billion barrels per year.
So quick math says Alberta netted about 10 bucks a barrel more than they they expected to.
That’s without a world market to sell our products to, and as such us getting a significantly discounted price for our oil.
Seems to me the “surplus” could be considerably more if/when we get product to tidewater.
Steakman mentioned the option of going to Alaska with a pipeline – looks like it would pay for itself pretty quick.
Too bad that’s impossible.
Alberta needs to go for Trudeau and Ottawa’s throat. Quit deferring to Ottawa. It is time to kick Ottawa out of Alberta by any means necesary.
Who cares what the Supreme Court Res. Ottawa ignores the law we should to as well.
Infact Toews doesnt want an Alberta Poluce Force. Maybe time for an Alberta Militia just for public safety.
And why not? If it is not ruled out in the BNA then it is legal.
You need an independant financial sector and a militia, otherwise they’ll just cancel your credit and take yer shit.
Quite simple maybe.
Just have a Reserve Alberta Sheriff Deputy program.
20000 sworn in armed deputies for a start.
You get to keep a “patrol” carbine at home like the Swiss do.
Just sayin…
It may be wishful thinking on my part but I think Canada might be experiencing a big lesson in Political Economy. I think large corporate interests, understanding that the world needs Canadian oil, are telling Oil to start spending. Now. No one really wants $150 WTI – it’d ruin economies. They’ll look after the Liberals. And I can’t shake the notion that CSIS leaking to the G&M and Global isn’t part of that. Just my $.02.
21st century version of starving the kulaks.
Outta that 40 billion, how much made it into the AB economy, and who gets to spend the rest, and on what?
Inquiring minds want to know. Idiots don’t.
Huh?
I see what you are.
New Poll says 75% of Canadians say that we pay way to much tax in Canada.
75% that is huge.
Build from that number.
https://tnc.news/2023/03/02/families-paying-tax/
The other 25 % work for the government.
I’m not surprised – and I’m not advocating – that after all the lost jobs, lost businesses, broken families, broken dreams and suicides, that someone – meaning about 50,000 armed civilians – from “out west” hasn’t made the Ottawa Valley into Death Valley.
The Trudeau’s have literally killed and destroyed how many of you and you people say, “Oh yeah, well I’m not voting for you even more than I didn’t before!”
K-becers would have torched Ottawa if the same had been done to their lives and lively-hood.
Prove me wrong.
Again, I’m not advocating, but please, kwitcher belly-ackin.
And I’ll add, if Alberta and Saskatchewan had dis-employed a couple 100 thousand federal workers do you think everyone of those slobs would just walk down the road kicking stones?
Don’t care what they do. That go’s both ways.
They would have to watch their backs too.