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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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