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   Message 89,920 of 90,757   
   brewnoser2@gmail.com to All   
   Did we just hear 'leave it in the ground   
   15 Nov 18 17:22:35   
   
   I think we did.  And I think it's about bloody time.   
      
   Synthetic crude at US$31.55 per barrel and for Edmonton light oil at US$34.60   
   gave them a little hint to stop fracking for the stuff.   
   ______________   
   November 15, 2018 - Global News   
      
   Alberta energy firms split on call for government-imposed oil production cuts   
      
   Oilsands and refining giants Suncor Energy Inc. and Husky Energy Inc. are   
   rejecting a call by rival Cenovus Energy Inc. for government-imposed   
   production cuts to reduce an oversupply of oil in Alberta linked to steep   
   price discounts.   
      
   “We’re probably producing about 200,000 or 300,000 barrels per day of oil   
   in excess of our ability to get that oil out of the province, either by   
   pipelines or by rail,” Cenovus CEO Alex Pourbaix told Global News.   
      
   “As soon as you have that supply imbalance, the price of all the barrels you   
   sell gets discounted to exceedingly high levels.   
      
   He says oil companies are in this situation due to “a regulatory and   
   political failure” to get pipelines built.   
      
   “The solution is a temporary, government-mandated production cut.”   
      
   Suncor has no exposure to the “differential” between Western Canadian   
   Select bitumen-blend crude and New York-traded West Texas Intermediate and   
   therefore shouldn’t have to reduce its production, company spokeswoman Sneh   
   Seetal said Thursday.   
      
   “Our position is that government intervention in the market would send the   
   wrong signals to the investment community regarding doing business in Alberta   
   and Canada. And we really do need to take a long-term view and allow the   
   market to operate as it    
   should.”   
      
   Suncor believes it should be allowed to benefit from the refineries and   
   upgraders it has built and the pipeline space it has contracted that insulate   
   it from local price discounts, she said.   
      
   “Market intervention comes with an unacceptably high level of economic and   
   trade risk,” she said, adding the best option to reduce price discounts is   
   to advance pipeline solutions.   
   __________________________________   
      
   Keep the pipelines from extending through BC!   TAlberta will see the benefits   
   of renewable resources soon enough.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)   

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