![]() Oil producers have also faced increased pressure from perhaps a more troublesome foe: environmentalist groups seeking to outright shut down bitumen extraction. coast north of Vancouver, eliminating any hope of building a new pipeline in the region while the legislation exists. The bill came into force in August.Īt the same time, the Liberal government also passed Bill C-48, which bars oil tankers from docking along the B.C. Despite broad support from some other industry groups not directly tied to oil and gas, C-69 became a rallying cry in Alberta over what many saw as an explicit attempt to phase out fossil fuel companies. 1, 2019.įar from reduce uncertainty, some industry groups argued it would effectively bar oil-related infrastructure from ever being built, and was deemed the “no more pipelines bill” by some opponents. Former prime ministers Jean Chrétien and Stephen Harper at an event in Calgary on Nov. In a bid to address this, Prime Minister Justin Trudeau introduced Bill C-69, which overhauled the review process for major projects to include considerations like whether a development would contribute to climate change or support women in local communities. A number of court decisions in recent years have delayed major oil pipelines on the premise that the Crown did not meet its “duty to consult” with First Nations impacted by the proposed developments, underscoring a hearing process that does not adequately address various social or environmental complaints. ![]() And those discounts persist today: the price for Western Canadian Select (WCS), a Canadian heavy oil benchmark, was trading at US$34 per barrel on Friday compared with US$55 for American blends.ĭeclines in the price of oil and a decades-long shortage in pipeline capacity has brought a new focus on regulatory shortfalls that have helped snarl major infrastructure projects. With little bargaining power, Canadian firms have had to sell their barrels for as much as US$40 less than their American counterparts. buyers, and forced them to sell their oil at a steep discount compared to competitors. That has in turn extended Canadian companies’ long dependence on U.S. This advertisement has not loaded yet, but your article continues below. Manage Print Subscription / Tax Receipt.
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