David Raymond Amos @DavidRayAmos
Replying to @DavidRayAmos @alllibertynews and 49 others
Methinks it strange that CBC has been leaving the comment sections open for days on certain issues It appears they are fishing for lots of comments N'esy Pas?
https://davidraymondamos3.blogspot.com/2020/02/cost-of-trans-mountain-expansion-soars.html
https://www.cbc.ca/news/politics/vassy-trans-mountain-pipeline-1.5455387
Cost of Trans Mountain expansion soars to $12.6B
Figure includes $1.1B already spent on construction by previous owner of the project, Kinder Morgan
· CBC News · Posted: Feb 07, 2020 10:20 AM ET
A truck loaded with pipe is unloaded at the Trans Mountain yard in Edson, Alta. (Terry Reith/CBC)
Trans Mountain CEO Ian Anderson announced Friday that the cost of building the pipeline expansion has soared from an initial estimate of $7.4 billion to $12.6 billion.
In a conference call with reporters, Anderson said increased material and labour costs are to blame for the cost overruns, along with years-long legal troubles and renewed Indigenous consultation efforts that also added to the final total.
Despite the sizeable increase from the initial 2017 cost estimate, Anderson said the project will be profitable because much of its capacity has already been sold to major oil producers like Suncor and Cenvous on 20-year contracts. He said the project will generate $1.5 billion a year in cash flow when it's fully operational.
While the project is owned by the federal government, Anderson said he's running the company as it were a private entity and the cost overruns would be incurred by any proponent building the expansion.
Anderson said recent legal victories at the Supreme Court of Canada and the Federal Court of Appeal have given the project greater legal certainty.
"I believe there's a path and that path is getting clearer each day," he said. "I'm confident the project itself remains very, very strongly economically viable.
"There isn't anyone who could picture the journey we've been on to get this project started and what it will take to get it constructed."
That $12.6 billion construction cost figure includes $1.1 billion already spent on construction by the previous owner of the project, Kinder Morgan, before Ottawa bought the project amid legal uncertainty.
Ottawa already spent $4 billion to buy the line
The construction cost is in addition to the more than $4 billion the federal government spent to purchase the existing pipeline and the expansion plans, and another $600 million Ottawa set aside for contingencies (called a reserve fund for "cost impacts"). Those sums bring the total cost of taxpayers' investment in Trans Mountain to more than $16 billion.
The August 2018 Federal Court of Appeal ruling that quashed cabinet's approval of the project was source of cost overruns.
As a result of that ruling, the government had to make a number of accommodations to Indigenous communities along the route and meet additional environmental standards — changes that added roughly $3 billion to the construction price tag.
"The project that we're all working on building today is not the project we originally envisioned and introduced in 2012," Anderson said.
Anderson said the project has more support from Indigenous communities than it did when it was first proposed. Fifty-eight Indigenous communities along the project's route have signed impact benefit agreements with the Crown corporation that cover financial incentives, job training, bursaries, pensions for Indigenous elders and funds for community infrastructure upgrades. These agreements will cost the proponent about $500 million.
The current route of the Trans Mountain pipeline. The expansion would twin it.
The company also is running fibre optic cable along the pipeline's route to detect spills or other safety issues — which means its also bringing internet connections to communities that don't already have access.
Beyond Indigenous-related costs, Anderson said a new labour agreement with trade unions cost the project an additional $100 million a year, steel-related costs have spiked by $120 million, robust security along the route will cost an additional $190 million and state-of-the art spill-response technology will set the project back another $70 million. Financing the project will cost another $1 billion.
Finance Minister Bill Morneau said in media statement Friday that the project is still "commercially viable." He said Canada needs the expanded pipeline to get Alberta oil to lucrative markets in Asia where it can fetch prices closer to the going world rate.
"We believe Canada should get a fair price for its resources. Currently, almost all of our energy exports go to the United States and producers often have to sell at a discounted price," Morneau said.
Finance Minister Bill Morneau assures Canadians that despite cost overruns the Transmountain Expansion pipeline project is still a going concern. 0:36
He said the project will employ 5,500 at the peak of construction and will provide tens of millions of dollars in economic support to Indigenous communities.
During the federal election, the Liberals pledged to invest corporate tax revenue from the pipeline into cleaner sources of energy and projects that pull carbon out of the atmosphere — a promise Morneau reaffirmed Friday.
"The Trans Mountain expansion project will be an important driver in Canada's transition to a cleaner economy. Every dollar the federal government earns — from the annual corporate tax revenue estimated at $500 million as well as any profit from an eventual sale — will be invested in clean energy projects that will power our homes, businesses and communities for generations to come," Morneau said.
'Unacceptable'
Opposition MPs weren't happy with the project's rising cost.
"It didn't have to be this way. It's ridiculous. Not a single tax dollar should have been spent on the Trans Mountain expansion," said Conservative MP Shannon Stubbs, who called on the government to file monthly reports on the project's costs and progress.
"Because they, as of their own fault, made Canadians the owners of the pipeline. So it's on them to tell Canadians exactly how it's going to be built, when it's going to be in service, how much it's going to cost and who is going to own it in the long run."
Alberta Conservative MP Shannon Stubbs demands transparency on how the government is spending money on Transmountain Expansion pipeline. 0:36
NDP MP Alexandre Boulerice said the price is "unacceptable" and the project should be scrapped.
"It's a really bad investment because this is the kind of oil that has no future. So we are investing in something that in 10 years or 20 years will not run again," he said in an interview.
"We're asking the Liberals to change their mind and to come to the earth and to invest that kind of money to create good jobs in renewable energy."
The International Energy Agency projects demand for oil will increase each year until it plateaus in the mid-2030s.
The federal government purchased the existing Trans Mountain pipeline for $4.5 billion in May of 2018, after the original proponent, Kinder Morgan, pulled out because of increased political and environmental opposition to the project.
The expansion would twin the existing pipeline, which runs more than 1,000 kilometres between Edmonton and Burnaby, B.C. It would triple the amount of bitumen flowing through the pipeline to nearly 900,000 barrels a day.
The project is also set to expand the terminal in B.C. and, as a result, tanker traffic is expected to increase by nearly seven-fold a month.
According to the federal government, the pipeline and terminal would produce 400,000 tonnes of greenhouse gas emissions a year, create 15,000 jobs during construction and generate about $47 billion in revenue for different levels of government over the first 20 years of its operation.
About the Author
4233 Comments
Now 8 hours later the tally is 4163
Commenting is now closed for this story.
Zbiginew Zalewski
Time for every Canadian the cares about there children's future to support the protesters across British Columbia have blocked trains, access to ports and some streets in support of hereditary chiefs of the Wet'suwet'en Nation in their bid to halt construction of a natural gas pipeline in their traditional territories in northern B.C.
David Amos
Reply to @Zbiginew
Zalewski: Methinks you should free free to emulate my expressions on
behalf of the Green Meanies et al I am kinda flattered. However sometime
when you are bored you should at least read Statement 83 of my
Statement of Claim against the Queen. (Federal Court File No. T-1557-15)
Trust that the "Powers that Be" beginning with MacKay and his boss
Harper have already argued it without much success. The fact that the
Crown pulled Rule 55 on me should make any ethical soul laugh at their
incompetence and desperation N'esy Pas?
Rule 55 In special circumstances, in a proceeding, the Court may vary a rule or dispense with compliance with a rule. SOR/2004-283, s. 11
Rule 55 In special circumstances, in a proceeding, the Court may vary a rule or dispense with compliance with a rule. SOR/2004-283, s. 11
Zbiginew Zalewski
Reply to @David Amos:
Methinks desperate people say desperate things N'esy Pas?
Methinks desperate people say desperate things N'esy Pas?
David Amos
Reply to @Zbiginew Zalewski: You certainly do
David Amos
Content disabled
Reply to @Zbiginew Zalewski: True or False??? https://www.scribd.com/doc/2718120/integrity-yea-right
Zbiginew Zalewski
Reply to @David Amos:
Youthinks
Youthinks
David Amos
Reply to @Zbiginew
Zalewski: Methinks its too bad so sad you cannot read all my replies but
you can always Google your name and mine in order to find my blog N'esy
Pas?
Zbiginew Zalewski
Reply to @David Amos:
Methinks its too bad so sad you cannot read all my comments and have the vision for an renewable energy future N'esy Pas?
Bern Klassen
I agree the Govt bulldozed the pipeline through all the red tape for the sake of Canadas short term future....but why shouldnt Canada get its fair share from a world that is still oil dependent? If they dont get it from here theyll buy it somewhere else..Killing Canadas oil industry has 0 effect on carbon, besides, I dont see a lot of Canadians or protesters giving up their gas guzzlers!
David Amos
Reply to @bern klassen: I agree
John Melnick
Climate change is man made all right.
By the monied of Davos who want to rule the world.
David Amos
Reply to @John
Melnick: Methinks many agree that Climate Change is caused by Mother
Nature having her way with things and no amount of taxation that greedy
people dream up is going to slow her down N'esy Pas?
John Melnick
Here in farm country the cows follow the truck dropping off feed in the field.
Same with Soros, he just puts the money on the table for "qualifying grants" and it's publish or perish. People have to eat; you don't need a carefully orchestrated conspiracy.
Mitch Taylor and Judith Curry have integrity and turned their backs on his climate change manufacturing machine.
David Amos
Reply to @John Melnick: Well put
John Melnick
Read up on how the "97% of scientists agree" number was derived. And I mean read the original paper.
If anyone thinks that it's thousands of scientists as claimed they are in for a rude shock.
Zbiginew Zalewski
Reply to @John Melnick:
Far better to believe in long-running disinformation campaigns of the fossil fuel industry .
Far better to believe in long-running disinformation campaigns of the fossil fuel industry .
David Amos
Reply to @Zbiginew Zalewski: Methinks the only thing worth believing is the truth N'esy Pas?
David Amos
Content disabled
Reply to @Zbiginew Zalewski: True or False??? https://www.scribd.com/doc/2718120/integrity-yea-right
Zbiginew Zalewski
Methinks a burning question for most of the world is why, exactly, do climate change deniers deny the so-strongly supported science. For most of us, between the incredible consilience of climate science, the multiply supported consensus of climate scientists, and the visible evidence of warming impacts such as cyclone severity and frequency, wildfires and drought, it’s difficult to understand how someone could remain skeptical. But it comes down to six overlapping elements: confirmation bias, tribal partisanship, ideology, and conspiracy ideation, all supported by the long-running disinformation campaigns of the fossil fuel industry .
David Amos
Content disabled
Reply to @Zbiginew Zalewski: Nighty Nighty don't let the bed bugs bite.
Methinks you should free free to emulate my expressions on behalf of the Green Meanies et al I am kinda flattered. However sometime when you are bored you should at least read Statement 83 of my Statement of Claim against the Queen. (Federal Court File No. T-1557-15) Trust that the "Powers that Be" beginning with MacKay and his boss Harper have already argued it without much success. The fact that the Crown pulled Rule 55 on me should make any ethical soul laugh at their incompetence and desperation N'esy Pas?
Rule 55 In special circumstances, in a proceeding, the Court may vary a rule or dispense with compliance with a rule. SOR/2004-283, s. 11
David Amos
Reply to @Zbiginew Zalewski: Methinks desperate people say desperate things N'esy Pas?
Al ACrow
Comments still open on such a divisive issue. Wow c.b.c , I’m actually impressed you are allowing the people who pay you to have an opinion on our broadcasting network. Thumbs up
David Amos
Reply to @Al ACrow:
Methinks it strange that they have being doing that a lot lately with
certain issues Its like they are fishing for lots of comment N'esy Pas?
John Melnick
As the proud owner of a spanky new pipeline, why didn't Canada get the Dino Award at this year's COP?
Left wing image manipulation and hypocrisy? Tell me it ain't so!
David Amos
Reply to @John Melnick: Why lie to you now?
John Melnick
Right, the Tyee. There's a credible source right up there with The Walrus.
David Amos
Content disabled
Reply to @John Melnick:Consider this https://www.scribd.com/doc/265620671/Cross-Border-Txt
David Amos
Reply to @John Melnick: FYI I sent you quite a tip but you will have to read it elsewhere
John Melnick
Sixty billion in subsidies in Canada alone?
Links please to a credible site that breaks that down into the component parts, unique to the petroleum industry, that sum to that "interesting" conclusion.
David Amos
Reply to @John Melnick: Good luck with that one
John Melnick
This well schooled denier wishes to educate the economically illiterate Soros funded sandals and granola crowd.
When the ICE car disappears from our roadways along with the transport trucks, ships, planes and trains how is crude oil going to be economically processed for the "... few items it can only provide"? Are we going to pave highways with the raw crude product, high value light ends and all, and change gold into lead?
What would be the cost of a HV DC North American grid to knit together widely scattered generation sites into a reliable, high capacity grid to replace the energy deficit created by the exclusion of fossil fuels?
David Amos
Reply to @John
Melnick: Methinks somebody should explain to me real slow how the
fossils are that deep underground Only then would I consider believing a
scientist who is paid by the highest bidder N'esy Pas?
Zbiginew Zalewski
Canada needs to stop subsidizing big oil with 60 billion a year and invest that money into renewable energy and become a world leader in
R&D
Storage methods
Manufacturing
Construction
Monitering
Repair
Over the time renewable energy systems will require
Maintenance
Replacement
Upgrades
This repeating cycle will provide eternal employment, not like the short lived boom and bust cycle of fossil fuel
A long distance HV DC distribution system needs to be built around Canada and North America. This tie all the different forms of renewable energy together and take care of the ever diminishing short term local zero renewable problem.
Oil for burning needs to greatly diminished and be used more wisely in products, but a little oil will still be needed for the few items it can only provide.
David Amos
Reply to @Zbiginew Zalewski: Methinks folks understand your agenda by now N'esy Pas?
James Robson
It is far worse than this official admission. Robyn Allan, an independent economist and former CEO of the British Columbia Insurance Corporation, analysed the finances of the old existing TMX pipeline and discovered that it has been bleeding revenue-NOT earning revenue-since the Trudeau government bought it. Either because of incompetence or something else. She sent her study to Ottawa last October, with attached questions. There has been no reported response. All of this was detailed on the Tyee.ca in December 2019. There are layers to this onion as yet unseen.
David
Hrushowy
Reply to @James
Robson: There are many questions about the financial and legal structure
of this great undertaking that no one either wants to discuss or ask
questions of any of the important figures behind all this. The official
story is that this is in the public interest, however defined, and that
is a good enough business model.
David Amos
Reply to @James Robson: Of that I have no doubt
David Amos
Reply to @David Hrushowy: When was the last time you believed a politician?
David
Hrushowy
Reply to @David Amos:
The financial and legal structure of this enterprise will determine how
much the tolls are for shipping from Alberta to Burnaby. One has to
assume this will be like any other utility in Canada. Utilities usually
use the standard approach definition:"Utility Weighted Average Cost of
Capital
Utilities typically have capital structure with debt and equity, usually between 40% to 60%. The cost of capital is a weighted average costs of all elements in the capital structure. The Cost of Equity compensates investors for placing their money in the utility"
Utilities typically have capital structure with debt and equity, usually between 40% to 60%. The cost of capital is a weighted average costs of all elements in the capital structure. The Cost of Equity compensates investors for placing their money in the utility"
David
Hrushowy
Reply to @David Amos:
"The Liberal government expects to get $500 million a year out of the
expanded Trans Mountain pipeline and is promising to spend it all on
cleaner sources of energy and projects that pull carbon out of the
atmosphere".....". Rather, he said, it is a crucial piece of the puzzle
of financing Canada’s transition to a clean energy economy." (National
Post October 29, 2019). It is amazing that Bill Morneau can estimate
revenues without knowing what the utility rates will be in fact without
knowing what the debt equity structure (WACC) of this business.
David Amos
Reply to @David
Hrushowy: You are preaching to a preacher I am a whistle-blower about
financial crimes practiced by governments Methinks you should Google
Bill Morneau's and mine sometime N'esy Pas?
David
Hrushowy
Reply to @David Amos: I have a few questions that you might be able to explain to us for our edification.
Why were the loans financed by the Canada Account paying 4.7% interest when the normal risk-free interest rate on a 10 year Treasury Bond is currently like 1.46%?
How and when is this project ever going to achieve a normal reasonable industry standard ROE of say 11%?
Why were the loans financed by the Canada Account paying 4.7% interest when the normal risk-free interest rate on a 10 year Treasury Bond is currently like 1.46%?
How and when is this project ever going to achieve a normal reasonable industry standard ROE of say 11%?
David Amos
Reply to @David
Hrushowy: Methinks the question should be put to my political foe Frank
McKenna a lawyer who is a well known friend of the Clintons and who is
now the Deputy Chair of the TD Bank.
However in a nutshell the answer to your question is simple Banksters contribute to all the political parties and in return they are paid back bigtime..
Never forget that the mandate of the Bank of Canada created by R. B. Bennett has never been changed by any legislation even Trudeau the Elder and his cohorts. began to put us deeply in debt beginning in 1073 byway of constant borrowing from the banksters. Nobody can deny that Paul Hellyer who is now the 2nd oldest member of the Privy Council wrote a book about it called "Goodbye Canada" N'esy Pas?
However in a nutshell the answer to your question is simple Banksters contribute to all the political parties and in return they are paid back bigtime..
Never forget that the mandate of the Bank of Canada created by R. B. Bennett has never been changed by any legislation even Trudeau the Elder and his cohorts. began to put us deeply in debt beginning in 1073 byway of constant borrowing from the banksters. Nobody can deny that Paul Hellyer who is now the 2nd oldest member of the Privy Council wrote a book about it called "Goodbye Canada" N'esy Pas?
Terence (WE) Harris
So if doubling the TM pipeline will allow "Alberta oil get to tidewater" so it can be sold at higher prices to Asia, why is it the studies show that 90% ish of the oil in the existing TM pipeline goes currently and has gone in the past to California? How does this make sense?
David Hrushowy
Reply to @Terence
(WE) Harris: The west coast refineries in California have the capability
of refining heavy sour product form their local fields, South America
and Mexican Maya oil by all accounts, as well as Alberta bitumen.
California has its own carbon reduction program on low carbon fuels
standards so what the future holds is anyone's guess.
David Amos
Reply to @David Hrushowy: I agree
Zbiginew Zalewski
Canada needs to stop subsidizing big oil with 60 billion a year and invest that money into renewable energy and become a world leader in R&D, storage methods, manufacturing, construction, repair, replacement, providing jobs forever as renewable expands requiring replacement and upgrades.
Expand on HV DC technology to distribute it around Canada and North America.
A little oil will still be needed for the few items it can only provide.
James Robson
Reply to @Zbiginew Zalewski:
You and everyone else need to read the February 6th, 2020 article by respected Cdn investigative journalist Andrew Nikiforuk, posted on the Tyee.ca. It is titled, "Wet'suwet'en Raids: Canada Chooses Colonialism Again". Not only does he deplore how government and RCMP are violating indigenous rights, but also deconstructs the costs of the mammoth Kitimat LNG and Coastal Gas Link Pipeline projects. Both are utterly unjustifiable in view of present badly suppressed global methane prices, despite our governments planning to establish give-away royalties, huge cash infusions and shaved-down corporate taxes. There is nothing like the supremacy of corporate welfare over the needs of Canada's millions of ordinary citizens.
You and everyone else need to read the February 6th, 2020 article by respected Cdn investigative journalist Andrew Nikiforuk, posted on the Tyee.ca. It is titled, "Wet'suwet'en Raids: Canada Chooses Colonialism Again". Not only does he deplore how government and RCMP are violating indigenous rights, but also deconstructs the costs of the mammoth Kitimat LNG and Coastal Gas Link Pipeline projects. Both are utterly unjustifiable in view of present badly suppressed global methane prices, despite our governments planning to establish give-away royalties, huge cash infusions and shaved-down corporate taxes. There is nothing like the supremacy of corporate welfare over the needs of Canada's millions of ordinary citizens.
Marjorie
Cormier
Reply to @Zbiginew
Zalewski: The biggest problem we have experienced in Ontario is the
continual demolishment of anything green or transit friendly, once a new
conservative government takes over....this needs to stop!!!
David Amos
Reply to @Marjorie
Cormier: Methinks Ontario's biggest problem is the same as elsewhere Its
commonly known as "public corruption" and it matters not which
political party has the mandate N'esy Pas?
Zbiginew Zalewski
A burning question for most of the world is why, exactly, do climate change deniers deny the so-strongly supported science. For most of us, between the incredible consilience of climate science, the multiply supported consensus of climate scientists, and the visible evidence of warming impacts such as cyclone severity and frequency, wildfires and drought, it’s difficult to understand how someone could remain skeptical. But it comes down to six overlapping elements: confirmation bias, tribal partisanship, ideology, and conspiracy ideation, all supported by the long-running disinformation campaigns of the fossil fuel industry.
David Amos
Reply to @Zbiginew
Zalewski: Methinks you don't understand people who disagree with your
opinion If you were to Google my name and Fundy Royal Debate you could
hear me explain my position on Climate Change on TV while running in the
last election N'esy Pas?
Wally Brown
Fight that every small community in Asia to have a road paved by the Alberta oil
Zbiginew Zalewski:
Reply to @Wally Brown:
You hate them that much, sad person you are
You hate them that much, sad person you are
Wally Brown
Reply to @Zbiginew Zalewski:
I want every community to have access to clean water, electricity is possible and a clean road
All made it possible by oil from Alberta
You hate them too much to deny that simple life
I want every community to have access to clean water, electricity is possible and a clean road
All made it possible by oil from Alberta
You hate them too much to deny that simple life
Zbiginew Zalewski:
Reply to @Wally Brown:
Even relatively “low” levels of common air pollution damage the lung functioning of children, according to a new study published in the American Journal of Respiratory and Critical Care.
The study found that children living within 100 meters of a major highway had, on average, lung function around 6% lower than that of children living 400 or more meters away from major highways
Even relatively “low” levels of common air pollution damage the lung functioning of children, according to a new study published in the American Journal of Respiratory and Critical Care.
The study found that children living within 100 meters of a major highway had, on average, lung function around 6% lower than that of children living 400 or more meters away from major highways
David Amos
Reply to @Wally Brown: Yea Right Say Hey to Jason for me will ya?
Zbiginew Zalewski
The burning of oil is so good for us
The new report also reveals that when pregnant women are exposed to polluted air, they are more likely to give birth prematurely, and have small, low birth-weight children. Air pollution also impacts neurodevelopment and cognitive ability and can trigger asthma, and childhood cancer. Children who have been exposed to high levels of air pollution may be at greater risk for chronic diseases such as cardiovascular disease later in life.
“Polluted air is poisoning millions of children and ruining their lives,” says Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “This is inexcusable. Every child should be able to breathe clean air so they can grow and fulfil their full potential.”
One reason why children are particularly vulnerable to the effects of air pollution is that they breathe more rapidly than adults and so absorb more pollutants
Wally Brown
Reply to @Zbiginew Zalewski:
if the pregnant woman has no road to get to a hospital, it's your fault that the baby will die
if the pregnant woman has no road to get to a hospital, it's your fault that the baby will die
Zbiginew Zalewski
Reply to @Wally Brown:
They have not needed one for thousands of years, but some how now they do so you can by an new pickup every year.
They have not needed one for thousands of years, but some how now they do so you can by an new pickup every year.
Wally Brown
Reply to @Zbiginew Zalewski:
Just like this you send 1/2 of the world to the medieval times because you can
Just like this you send 1/2 of the world to the medieval times because you can
Zbiginew Zalewski
Reply to @Wally Brown:
Renewable Energy Growth To Outstrip Fossil Fuels
Renewable energy consumption is set to grow over the next few years, and according to a new report from the Economist Intelligence Unit, said growth will outstrip growth in the fossil fuel industry.
Despite this growth, non-fossil fuels are faced with political challenges that may hamper their ability to flourish.
Renewables are a growing commodity that, to the surprise of nobody, is taking up a lot of the attention of utilities and energy companies the world over. Add to that the declining reliance upon fossil fuels such as coal and oil — be it for environmental reasons, or for fear of investing in an energy strategy which may very well end up stranded — and renewable energy is a sure fire win.
Renewable Energy Growth To Outstrip Fossil Fuels
Renewable energy consumption is set to grow over the next few years, and according to a new report from the Economist Intelligence Unit, said growth will outstrip growth in the fossil fuel industry.
Despite this growth, non-fossil fuels are faced with political challenges that may hamper their ability to flourish.
Renewables are a growing commodity that, to the surprise of nobody, is taking up a lot of the attention of utilities and energy companies the world over. Add to that the declining reliance upon fossil fuels such as coal and oil — be it for environmental reasons, or for fear of investing in an energy strategy which may very well end up stranded — and renewable energy is a sure fire win.
David Amos
Reply to @Wally Brown: What kind of argument is that? Methinks it way past time for your nap N'esy Pas?
David Amos
Reply to @Zbiginew Zalewski: Methinks you are wasting your precious time if you expect Wally to read what you write N'esy Pas?
Jackson Thomson
Chinese oil demand just behind the US and they shifting hugely to EVs. So is Europe.
Oil is finished. Money is flowing rapidly out of oil stocks.
I seen this as an investor in the markets.
Wally Brown
Reply to @Jackson Thomson:
This is why they are buying OIL from ANY country wants to sell?
Living in a dream world doesn't make it true
BTW China is also building around 1000 new coal plants, and some 30-40 new nuclar rectors ,
This is why they are buying OIL from ANY country wants to sell?
Living in a dream world doesn't make it true
BTW China is also building around 1000 new coal plants, and some 30-40 new nuclar rectors ,
David Amos
Reply to @Jackson Thomson: BINGO
David Amos
Reply to @Wally
Brown: You are arguing apples and oranges as they say. Methinks this
article is about the Canadian taxpayers having to pay more to build a
pipeline than wealthy Yankee shareholders would have N'esy Pas?
Pierre Dupuis
Reply to @David Amos:
Nope
Nope
Wally Brown
There are billions of KMs or the roads waiting to be paved by the heavy oil refinery residuals send from Alberta
Billions of km paved by the Alberta oil in Asia.
Millions of children saved because a car can get from a remote village to a hospital.
Hundred of millions families that now have access to a larger community
All because the bitumen\
David Amos
Reply to @Wally Brown: Cry me a river
Wally Brown
Reply to @David Amos:
We live on a small rock called earth
If you don't want to see all the rock populations is not my problem, is yours
We live on a small rock called earth
If you don't want to see all the rock populations is not my problem, is yours
David Amos
Reply to @Wally
Brown: Methinks you should run for public office 7 times and sue the
Queen then you may have the right to insult me N'esy Pas?
Wally Brown
Reply to @David Amos:
N'esy Pas?
Is that Frenchenglish?
N'esy Pas?
Is that Frenchenglish?
Wally Brown
Reply to @David Amos:
BTW Why would I sue the Queen
I just ignore it like everybody else
BTW Why would I sue the Queen
I just ignore it like everybody else
David Amos
Reply to @Wally Brown: Is that Frenchenglish?
Chaic
Chaic
David Amos
Reply to @Wally Brown: Methinks you have trouble reading English anyway.
FYI It was I who sued the British Queen not you Furthermore anyone can Google my name and Federal Court File NO T-1557 -15 in order to verify what I say is true in whatever language suits them be it Chiac or not N'esy Pas?
FYI It was I who sued the British Queen not you Furthermore anyone can Google my name and Federal Court File NO T-1557 -15 in order to verify what I say is true in whatever language suits them be it Chiac or not N'esy Pas?
Jackson Thomson
Industry experts, 2022 is the beginning in the decline of oil demand.
With oil declining, why Canada is investing, lol! Oil industry has too much influence, $$$.
This is why Saudi's were eager to get rid of Armaco.
David Amos
Reply to @Jackson Thomson: Good question
John Dunn
Reply to @Jackson
Thomson: "The latest forecasts predicting oil demand will peak in 2023
come from the Carbon Tracker Initiative, a London-based think tank
funded by a host of anti-fossil fuel foundations seeking stricter
climate policies." (Forbes.)
John Dunn
Reply to @John Dunn: In general, projections are 2025-2030 and then a plateau for some time.
David Amos
Surprise Surprise Surprise
Norm Dixon
The project was estimated to cost $7B for a private company to build the pipe.
Of course that doubles or triples for government to do the same job. When has government ever done something cheaper than the private sector?
Bill Dixon
Reply to @Tony Hill:
Pipeline revenue is irrelevant; the only thing that matters for valuations is earnings. And there are almost none for this dog of a project.
According to the latest financial reports of the Canada Development Investment Corp's financial reports for Trans Mountain, which the CDIC in managing as a federal government-owned company, for the nine months ended September 30, 2019 , Trans Mountain's financials are the following:
- Total revenue = $467 million
- Total expenses, excluding finance costs = $318 million
- Total interest on loans = $157 million
- The loss before income taxes = $5 million
The only reason TM reported a profit was because of a $52 million deferred income tax recovery that returned $35 million for the nine months ended September 30, 2019, due to the reduction in the future Alberta corporate income taxes payable, because of Kenney's reduction of corporate income taxes.
So, but for the changed corporate tax rate in Alberta, Trans Mountain is losing money.
So when Morneau from the Liberals or Kenney from the Cons talks about the billions of dollars in tax revenues and the billions of dollars in profits that will be made after it's built and sold, is a giant con.
All evidence points to the buyout of Trans Mountain and the shovelling of $4.7 billion to the shareholders of Kinder Morgan being a catastrophically bad decision that is going to cost and haunt Canadians for a long time. And then of course it's also going to make everything to do with achieving any real action on GHG emissions next to impossible.
Clap. Clap. Clap.
(slow-clap time...)
Pipeline revenue is irrelevant; the only thing that matters for valuations is earnings. And there are almost none for this dog of a project.
According to the latest financial reports of the Canada Development Investment Corp's financial reports for Trans Mountain, which the CDIC in managing as a federal government-owned company, for the nine months ended September 30, 2019 , Trans Mountain's financials are the following:
- Total revenue = $467 million
- Total expenses, excluding finance costs = $318 million
- Total interest on loans = $157 million
- The loss before income taxes = $5 million
The only reason TM reported a profit was because of a $52 million deferred income tax recovery that returned $35 million for the nine months ended September 30, 2019, due to the reduction in the future Alberta corporate income taxes payable, because of Kenney's reduction of corporate income taxes.
So, but for the changed corporate tax rate in Alberta, Trans Mountain is losing money.
So when Morneau from the Liberals or Kenney from the Cons talks about the billions of dollars in tax revenues and the billions of dollars in profits that will be made after it's built and sold, is a giant con.
All evidence points to the buyout of Trans Mountain and the shovelling of $4.7 billion to the shareholders of Kinder Morgan being a catastrophically bad decision that is going to cost and haunt Canadians for a long time. And then of course it's also going to make everything to do with achieving any real action on GHG emissions next to impossible.
Clap. Clap. Clap.
(slow-clap time...)
David Amos
Reply to @Norm Dixon: Never
David Amos
Reply to @Bill Dixon: Welcome to the circus
Dale Verigan
Don't complain about rising costs when you fight the project. Higher costs are a consequence of spending so much time in court. So basically the protests have made this project more expensive for every taxpayer.
Bill Dixon
Reply to @Dale Verigan: The rule of law is oh so inconvenient, when it comes to the profitability of the oil and gas industry.
David Amos
Reply to @Dale
Verigan: Methinks there were many protests and lawsuits etc long before
Trudeau the Younger opted to buy the pipe N'esy Pas?
Andy Thomas
Just another example of why the government has no business getting into a business
Patrick Smyth
Reply to @Aaron Morris:
" is you loonies "
At it again I see. Going to get nowhere with that language Aaron.... But maybe it makes you feel better about yourself to put others down so who am I to judge?
" is you loonies "
At it again I see. Going to get nowhere with that language Aaron.... But maybe it makes you feel better about yourself to put others down so who am I to judge?
David Amos
Reply to @Andy Thomas: YUP
Douglas Fowler
Soaring costs thanks to environmentalists and the Trudeau Govt.
Show 5 older replies
Eva Endren
Reply to @Patrick Smyth: But it's okay for BC to continue building mega dams which inflict permanent damage to the environment and wildlife populations over a vast region, not to mention the impact these dams have on a river system that feeds into the Northern Watershed. I wonder how many moose, elk, deer and countless other animals will be left to drown in the rising waters of the reservoir on Site C? Over 12,500 moose alone were left to drown when the Bennett Dam was put into motion. And most of the damage has been inflicted on Alberta's river systems all the way to the NWT.. killing fish and driving out other species when silt took over the river beds. But THAT"S OKAY it seems because it will benefit BC's greed for power to expand their own industrial ambitions. Hypocritical much?
David Amos
Reply to @Douglas Fowler: Methinks that par for the course N'esy Pas?
Jim Redmond
I 100% blame Mr. Trudeau for the significant delays and the signficant cost increase.
Jorge Goldstein
Reply to @Jim
Redmond: wow, instead of thanking Trudeau not letting the pipeline
project since, you blame him for it? Remarkable
David Amos
Reply to @Jim Redmond: Methinks we already know your favourite political party N'esy Pas?
Fidel Kemper
A private company was going to pay for this whole thing. Our PM Virtue Signals, signs tanker ban with 0 consultation. Forced to over pay for pipeline and now have to pay for bloated budget. Yup sounds like Liberal economics.
Fidel
Kemper
Reply to @Dustin
Carey: You right that was Northern gateway, and that decision made TMX
the only viable pipe left and an easy Target for the antis and thus why
it was tied up so long, you so outrageously clueless to not even
understand that had ramifications on all pipe projects.
David Amos
Reply to @Fidel
Kemper: Methinks many members of peoplekind noticed the obvious but
ignored it for the benefit of their political party N'esy Pas?
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