Printable View
The incompetent idiots couldn't get it done so they just spent $4,500,000,000 taxpayer dollars to buy the assets of the Kinder Morgan project, then will spend another ???? to get it built... say $10,000,000,000
Congratulations taxpayers you now own a gas line project!
https://www.facebook.com/TaxpayerDOT...6444174838910/
OK.... total to be spent.... $11,900,000,000 with purchase and construction of taxpayer money.... CURRENT estimate. CBC puts a nice spin on it about making a profit over the next 20 years... but you think PM Butts and the Libs can get it done ... I don't and I think the taxpayer is on the hook for what will be a money loser or never completed project.
http://www.cbc.ca/news/politics/libe...rgan-1.4681911
Well it was his father that created PetroCan....
What this shows is that Trudough got shutdown by an NDP Premier with a minority government. A leader with balls would have enforced his jurisdiction and made this happen as approved. Does anybody really think the imbeciles in power have a clue about this? My god.
This is definitely a jury is out, possibly for years. Not sure how anyone can pretend to see today whether this is bad or good.
For all we know, oil will fetch $200/barrel is 2 years.
And what’s stopping anyone be they lib....or pc from selling it. In 3 months, 6 months or 6 years...
Did they pay a fair price.
Yes.
Possibly, slightly less than fair given KMs motivation to get out.
Wait until the dust settles imo. And the fact is now that we own it, we paid for it.
The feds can’t afford to let BC or protesters stand in the way.
Paying for a project that all they had to do was apply the laws of the land and it could have been built for no cost to the taxpayers is the epitome of stupid .... or he wants to be like his daddy and PetroCan II, we may see more projects etc . Then there is the $7,000,000,000+ to build it, with bureaucrats involved I am betting $10,000,000,000 to $12,000,000,000 easy.
Two it is a pipeline, it produces nothing, whether oil is $1 or $1000 is irrelevant, like a truck that delivers, if it is delivering manure or precious goods there is no difference in the delivery cost.
I don't think it will be built, especially with Butts there, they will diddle and dawdle and fail to get approval of the protesters and regardless of the laws "in the taxpayers interest" they will kill it. This also basically ensures that there won't be any future pipeline investment motivation, if they actually build it (doubtful with Butts there and their history with pipelines) the fact that only a government owned pipeline can get built will shut down any investment for sure. The other option I see is that they will sell it to China or Saudi Arabia.... probably with a discount "for the taxpayer benefit".
Of all this scenarios this is probably the worst or real close to it. Whether they want to create a gov't owned company or kill it are the only things not too clear yet. I mean if McGuinty/Wynne can spend $1,000,000,000+ and delete hard drives etc. to buy votes, cancelling this right before the election would get them some BC seats and of course Quebec and maybe even an Ontario seat.
All I see is obscene bonuses built in for liberal operatives. This government ( G.Butts) is ideologically opposed to oil exploitation. This government couldn't run a hot dog stand at a ball game for profit. This will become the biggest boondoggle/scandal/coverup since confederation.
And yet oddly, the business world aka the markets doesn’t seem to be as remotely uptight about it......
The price of oil certainly can play a big factor. Not hard to see that if your sitting on a commodity be it oil, gold, uranium or other and can’t get it to market. Or there 1 pipleline that can deliver another 1b barrels a day...that “pipeline”, railway line or other becomes um....more important?
Regardless.
Suggest reading the 2nd half, and what follows after blasting them.
http://nationalpost.com/news/canada/...eir-own-making
I did read it. Realize these projects were in some cases decades ago and not by self entitled social justice warriors who are basically useless. Everything this administration touches turns to a steaming dung pile.
Well the fact that the cancellation had been already built in so it helped share holders at Kinder Morgan... and I think the title says it all...
The Liberals try to buy their way out of a pipeline mess of their own making
But the feds may have snapped up a bargain. If the pipeline is built, it could make $2 billion in profit when it eventually sells the asset
Some interesting points here
https://www.theglobeandmail.com/poli...tain-pipeline/
As an incentive for a future owner, Ottawa said it will indemnify the project against financial losses from any delays thrown up by a province or municipality.
The government is also promising to guarantee a rate of return for a future owner if it is forced to abandon the project owing to legal rulings or other delays.
Now to the general reaction.
https://globalnews.ca/news/4239447/t...peline-ottawa/
The comment from CEPA kind of sums it up.
“We do not believe that this outcome will instill investor confidence in Canada.”
and as I mentioned two of the three countries before ..
He said the only major government-owned pipelines he knows of in the world exist in countries like China, Saudi Arabia or Kuwait, where the pipeline is operated by a subsidiary of a national oil company.
Much more interesting and influential than this event is that the bank rate remained the same.
P.S.
Canada closed for business....
https://www.fraserinstitute.org/stud...d-for-business
Estimated that they overspent by $1,000,000,000 and they are still adding legislation to make it harder to build and loosing money, delay as much as 750,000,000 per year.....
https://www.facebook.com/CTVNewsChan...A3Mjk5Mjg5MTA/