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Transcanada Just Killed The Keystone XL Pipeline
In an ironic twist, just hours after we discussed the record capital outflow from Canada, resulting from the plunge in oil prices and the mothballing of Canada's energy industry, Obama's long-desired goal of killing the Keystone XL pipeline has finally come true.
Moments ago, the WSJ reported that Alberta-based Transcanada asked to suspend its U.S. permit application, "throwing the politically fraught project into an indefinite state of limbo, beyond the 2016 U.S. elections."
Calgary, Alberta-based TransCanada Corp. sent a letter to the State Department, which reviews cross-border pipelines, to suspend its application while the company goes through a state review process in Nebraska it had previously resisted.
“In order to allow time for certainty regarding the Nebraska route, TransCanada requests that the State Department pause in its review of the Presidential Permit application for Keystone XL,” the company said in the suspension request reviewed by The Wall Street Journal. “This will allow a decision on the Permit to be made later based on certainty with respect to the route of the pipeline.”
The WSJ correctly notes that "the move comes in the face of an expected rejection by the Obama administration and low oil prices that are sapping business interests in Canada’s oil reserves." Clearly the former was never an issue before, however the collapse in oil prices and the resultant plunge in CapEx spending means that the pipeline no longer made much economic sense.
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great timing... maybe will move oil prices.. back northward.. doubtful .. your move Summers
Lawrence Summers comes out swinging for Keystone XL pipeline at Rotman talkthis is to focus on more selling to China
Warren Buffett and Bull Gates while make sure that any Democrat regime will protect their rail empire interests.
Oil is the next barbarous relic.
JEOPARDY
I'll take railroads for $500 Alex
Nebraska will not let an oil pipeline pass through its state. Omaha NE is the home to Berkshire Hathaway.
Who would benefit if the pipeline does not get finished? Jeopardy music plays in the background.
http://www.cbc.ca/news/business/calgary-house-prices-nothing-stays-up-fo...
Restaurant uniform: 'My boyfriend said he could see my tailbone'Bier Markt's skimpy dress code called 'sexist and discriminatory,' Cara Operations backs down
http://www.cbc.ca/news/canada/restaurant-uniform-my-boyfriend-said-he-co...
Looks like they're desperate to attract and retain clients.
Ya, and fucking CBC should be called CSNS - Canadian Socialist News Service.
What did we do with that "Mission Accomplished" banner?
well played
Oh Boy ! Obola's gonna give Reggie a good time tonight!
Sorry to to oil workers who had high hopes of a job.
This is what the unions get for voting for the communist democrat Obola.
Killing Keystone is part of Obama's killing America.
The plan is to build the Energy East pipeline anyways. Far better for Canada in the long run. Start refining alberta oil in those eastern refineries. At least Trudeau is in favour of that project.
Plus Canada will get world prices on any oil exported instead of the discounted price we receive from the US.
Yeah, well maybe Canada gets some airborne democracy lessons in that case. I do support however as US is stealing Canada's oil. First all sales are in WTI, not Brent. Second for synthetic crude US pays 13USD discount flat, meaning right now the biggest export of Canada is worth 32 USD/bbl.
Not entirely true.
Yes there are some unrefined crude products that sell at the discounted price.
Any crude that has beeen through the first or first several stages - so callled white oil - is sold at WTI.
Hm, never heard of white oil except as bulk product for producing lubricating oils. Too heavy for fuel derivatives. SCO or synthetic crude oil is the main product of Oil sands. It is created by cracking or hydrocracking (the first few processes) bitumen extracted from sand and it has 13$ discount to WTI. The problem is that it may contain quite a few compounds which are not useful for derivatives like alkenes and alkines (polymerization), benzene ring compounds and some long chain alkanes. Most refineries do not have the processes required to break or separate these, but down in Texas they do. They could in theory process bitumen straigh from the ground into diesel and gasoline.
I doubt they will build that either, that is a suicide route through all the mountains. $100 oil is one thing, cut it in half - not happening
Getting tar to the gulf refineries, at a time of low oil prices and tar mines under price competition that is white hot? Maybe old XL needs a rest. It's need is minimal.
XL is political, not economic. And there in lies the problem. We don't make ecnomic decisions anymore, we make political ones.
For the first time in almost 50 years Warren Buffett has an erection -
my guess Becky Quick already in route for Buffett interview tomorrow AM on CNBC.
Warren Buffett has a train set that nobody wants at today's oil prices. Wonder if he financed any of that train set? And was it through Wells Fargo?
Good, it was a dumb idea to export those jobs to USA... refine oil in Canada and sell it on the market... when the price comes back...
use it to cut imports for other parts of the nation.
next... keep Canadian water in Canada too...
I'm totally with you. Autarky for everyone. Close all the auto plants in Windsor and bring them back home where they belong. Sweep up the 10% of the Canadian population that are expats and drop them back where they belong. Deport Justin Bieber NOW!!!!
good. we don't want your crappy US cars, we can make better.
you can keep Bieber
i smell warren buffett and it's not a pleasant odor i assure you
Dumping nuclear waste into lake Superior is more profitable, and lethal.
moore-on, i suspect your politics will turn the USA into a cess pool long before we have to worry about your nuclear waste. communists shut down yucca mountain just after it was set to beginning receiving nuclear waste, waste that would've remained secure and safe long after liberals and/or natural events bring an end to mankind.
Can kicker. We have enough thorium to do it right. Forever.
Git 'er done
The have been running oil from Alberta to Kushing via pipeline since 2012. This more efficient route shaves $1.50 per barrel.
It appears that Alberta oil to Kushing might be shut off all together as inventories are beyond bloated and probably for a few years.
So many macros are just bold face lies - oil inventories are no exception.
Fugly times.
Obama is against the Keystone pipeline.
But he is gone to war in Syria to obtain the right of way for a gas pipeline from Qatar and Israel to Europe.
We need to stop this insanity.
The Petrodollar infrastructure must be propped-up in the Middle East...
The world is in a Global Obama Depression. No demand.
So the US Oligarchs who owns trains (Buffet), wins over the one who owns pipelines (Rockefeller)?
And, in the process, to front-run the news, someone played FX games on the CAS/USD currencies?
"Ah that ain't workin', that's the way you do it. Money for nothin' and checks for free. Easy, easy money..."
peak oil.....LOL
The new Canadian PM is willing to accept a collapse in his economy as long as he 'saves' the planet from oil sands!
That's ok, the Chinese will be happy to send tankers into the West Coast of Canada. I am sure nothing could go wrong there as the Chinese have an impeccable enivornmental track record.
When their ship hits a rock they will be rescued by the USCG.
the second route for the keystone was a fake out. the pipeline already has canadian oil flowing to texas city...tax free. it was to divert attention from the fact that the us taxpayer paid for all th epipelines and wont get a penny of tax in the foreigner zones. also any breaks will be cleaned up by the us gov/tax payer because the pipelines are exempt....suckers.
You cant build that.
Fuck the Sauds
I think it should be mentioned... the Canadian side of the keystone projected was completed a couple years ago... I was there in person, working on and commissioning the main hub located in hardisty Alberta. For anyone wanting to google earth it. It's just across the hiway from the Enbridge tank farm. Directly east of the Enbridge hiway entrance, a few kilometers in at the bottom of the valley. (it cannot be seen by the hiway nor is there, nor has there ever been, any signage... just sayin
Enbridge just got done with a pipeline going through east central Illinois.
http://www.enbridge.com/~/media/www/Site%20Images/Projects/Maps/southern...
http://www.enbridge.com/SouthernAccessExtensionProject.aspx
The Irving refinery in St John, NB will be getting busy in a few years. The pipeline is going there. And then products to Europe.
our economy does not need energy to grow..solve that koan.