Yes Lizzy, a supply shock has happened like times in the past (and recovered). Those times looked very bleak for the industry too. However; to point the finger of blame as bad economics and bad business as the reason why your quoted foreign producers left is not the full picture and arguably not even a correct answer. There was no mention of the Liberals' chronic negative impacts to that industry that also impacted the exit of your quoted foreign producers from Alberta including their passive aggressive ways of deliberately hindering access for Western oil producers: changing the rules for environmental approvals midway through application for a pipeline; overhauling the environmental review board (again midway through an application); arbitrarily banning certain oil tanker shipping on the west coast yet not the east coast allowing foreign oil down the St Lawrence all day, every day (are the whales, dolphins, seals, fish more resilient on the east coast, they don't need this ban?); allowing "consultation" by several different parties, including media, to be used as a challenge to the point of abuse; general lack of initiative of having or even building refinery capacity in Canada - unless your name is Irving. In addition to outright cancelling a pipeline application altogether. Leaving only the Canadians holding the bag...in Canada.
No comments:
Post a Comment