• Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.
  • Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.

Keystone Aftermath Arrives: Canada Pledges To Sell Oil To Asia, As US Becomes Source Of "Uncertainty"

Tyler Durden's picture




 

America's loss is China's gain. In the aftermath of the Keystone XL fiasco, which will see not only a number of jobs "uncreated" but a natural source of crude lost, Canada is already planning next steps. Which will benefit Shanghai directly and immediately. As Bloomberg reports, "Prime Minister Stephen Harper, in a telephone call yesterday, told Obama “Canada will continue to work to diversify its energy exports,” according to details provided by Harper’s office. Canadian Natural Resource Minister Joe Oliver said relying less on the U.S. would help strengthen the country’s “financial security.” The “decision by the Obama administration underlines the importance of diversifying and expanding our markets, including the growing Asian market,” Oliver told reporters in Ottawa." Ironically, it is diversifying away from the US, with its ever soaring, politically-predicated uncertainty, that is a source of stability and diversification. But it is not only crude. Wonder why no jobs are being created? Wonder why despite record low mortgage rates there is no bottom in sight for housing? Simple - nobody can plan one month, let alone one year ahead for any US-based venture or business. The political risk is simply too great - whether it is contract law (see GM and Chrysler) or simple solvency (see record high levels of cash hoarded by companies), it is there, and as long as it is there, there will be no hiring, no capex spending, no growth, and no real improvement in the economy, the real economy, not that defined by where the Russell 2000 closes on any given day.

More from the Keystone XL aftermath:

Harper “expressed his profound disappointment with the news,” according to the statement, which added that Obama told Harper the rejection was not based on the project’s merit and that the company is free to re-apply.

 

Canada this month began hearings on a proposed pipeline by Enbridge Inc. to move crude from Alberta’s oil sands to British Columbia’s coast, where it could be shipped to Asian markets.

 

Environmentalists and Canadian opposition lawmakers welcomed the Obama administration’s decision. Megan Leslie, a lawmaker for the opposition New Democratic Party, said the Keystone pipeline project was harmful to Canada’s energy security.

 

“What I’m opposed to is continuing the unchecked expansion of the oil sands,” Leslie said by telephone.

 

Enbridge (ENB)’s pipeline may now become the new flashpoint between Harper and the opposition. Harper has said building the capacity to sell the country’s oil to Asian markets is in the national interest, and the government will review regulatory- approval rules for new energy projects so they can be done more quickly. Harper has also said he will look more closely into complaints that “foreign money” is being used to overload the regulatory process.

Then there are those who have pointed out that in recent years the equity risk premium has soared to multi-year highs. There is a reason for that. It is called: America.

Yesterday’s rejection “certainly introduces new uncertainties into the economic relationship,” said David Pumphrey, deputy director of the energy and national security program at the Center for Strategic and International Studies in Washington. “This is a cornerstone of economic development for the country.”

And as pertains to this story, it is a good thing that the American Strategic Petroleum Reserve is safe and untapped for every eventuality. Oh wait...

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Thu, 01/19/2012 - 17:02 | 2079221 Kyle Reese
Kyle Reese's picture

Maybe they should do environmental impact studies before they decide to shoot toxic exlosives at terrorists if they care so much about the environment.  I think this is all political.  Obama should have countered with some kind of alternative route.  I dont get his BS.  

Thu, 01/19/2012 - 14:12 | 2078526 malek
malek's picture

Let's regulate more, the bureaucrats will fix it for us, has worked countless times before! I hope nobody needs a sarc flag here.

Thu, 01/19/2012 - 14:56 | 2078707 moondog
moondog's picture

Regulations only work if the regulators enforce them.The US is run by corrupt mobsters and crooks who move between the public and private sector (see Goldman Sachs, Haliburton et al.). We need to get rid of corruption before we add any more regulations. That said, bring back Glass Steagall!

Thu, 01/19/2012 - 13:46 | 2078436 Silver Bug
Silver Bug's picture

Wow, you can't make this stuff up! Way to go Obama!

 

ATL

Thu, 01/19/2012 - 13:16 | 2078272 hedgeless_horseman
hedgeless_horseman's picture

 

 

The USA needs to liberate that oil from the oppressive Canadian government.

Thu, 01/19/2012 - 13:16 | 2078280 LawsofPhysics
LawsofPhysics's picture

Didn't the U.S. and Canada agree to work together on crowd control in both countries recently, or something to that effect?  Links anyone?

Thu, 01/19/2012 - 13:47 | 2078292 hedgeless_horseman
hedgeless_horseman's picture

 

 

...underlines the importance of diversifying and expanding our markets, including the growing Asian market.”

That sounds familiar. 

 

That looks familiar.

The kiss of death.

 

...we begin bombing in five minutes.

Thu, 01/19/2012 - 13:50 | 2078447 Agent P
Agent P's picture

Say what you will about the man, but that Gaddafi was one snappy dresser!

Thu, 01/19/2012 - 14:04 | 2078479 hedgeless_horseman
hedgeless_horseman's picture

 

 

Have you forgotten?  Before he became the President of the United States of America, Barack Hussein Obama II was a real fashion plate, too...

http://www.smh.com.au/news/us-election/obama-fires-up-over-africa-photo/2008/02/26/1203788347007.html

Thu, 01/19/2012 - 14:05 | 2078502 Agent P
Agent P's picture

Bed sheet wearin', pimp cane totin', bad ass mutha fucka!

Thu, 01/19/2012 - 14:07 | 2078508 kralizec
kralizec's picture

Islamists always dress up their young boys before initiating them into the Thursday Night Club.

Thu, 01/19/2012 - 15:45 | 2078932 Iwanttoknow
Iwanttoknow's picture

Your depth of knowledge and sagacity overwhelms me.

Thu, 01/19/2012 - 13:19 | 2078299 Waffen
Waffen's picture

It was n agreement that Mexican and Canadian police can be used in the us and the us in theirs.

Thu, 01/19/2012 - 13:44 | 2078426 scatterbrains
scatterbrains's picture

Can't wait to see the live feed of mexican cops bashing the heads in of unemployed x-military american youth at some occuypied site.. how long will it be before we see that ?

Thu, 01/19/2012 - 15:20 | 2078831 RichardENixon
RichardENixon's picture

Depends on whether it's work Americans "just won't do"

Thu, 01/19/2012 - 13:20 | 2078302 JohnFrodo
JohnFrodo's picture

True, crowd control is now mutual, if Americans riot send in the Canuks and vice versa.

Thu, 01/19/2012 - 13:58 | 2078434 EvlTheCat
EvlTheCat's picture

"Canada, U.S. agree to use each other’s troops in civil emergencies"

http://www.canada.com/topics/news/story.html?id=403d90d6-7a61-41ac-8cef-...

Canada Command
National Defence and the Canadian Forces website
http://www.canadacom.forces.gc.ca/docs/pdf/cap_e.pdf

If you don't want to open the PDF

http://youtu.be/xPq3DyFltOE

Thu, 01/19/2012 - 16:02 | 2078629 EvlTheCat
EvlTheCat's picture

4 February 2011

"Beyond the Border: a shared vision for perimeter security and economic competitiveness"

http://www.borderactionplan-plandactionfrontalier.gc.ca/psec-scep/declar...

Full circle jerk:

NORAD, USNORTHCOM release Vision 2020

http://www.northcom.mil/news/2007/101207.html

Thu, 01/19/2012 - 13:45 | 2078430 GOSPLAN HERO
GOSPLAN HERO's picture

I heard there be WMD in Canada.

 

 

Thu, 01/19/2012 - 13:51 | 2078455 CPL
CPL's picture

Yes, cartons of quarts (giant beer versus tiny beer) of Labatts 50 (made from left over urinal pucks in legions) will be deployed.

Thu, 01/19/2012 - 14:09 | 2078511 Elwood P Suggins
Elwood P Suggins's picture

Hockey pucks?

Thu, 01/19/2012 - 13:59 | 2078481 fuu
fuu's picture

2) The Candadian government allows some Canadians to legally use marijuana. The marijuana is bought with money which becomes drug money. Terrorists fund themselves with drug money. The US is at war with terrorism.

Thu, 01/19/2012 - 15:47 | 2078937 ucsbcanuck
ucsbcanuck's picture

There's a Q in Iraq.

There's also a Q in al-Qaeda.

Dammit there's a Q in Queen!

Those Canadians are ruled by a Queen!

Time to go after those Canadians and the surviving members of Queen.

Thu, 01/19/2012 - 16:10 | 2079019 Chief KnocAHoma
Chief KnocAHoma's picture

fuu - you should get stoned and read your own post. I'll bet it is very funny when you are baked.

Thu, 01/19/2012 - 16:53 | 2079189 fuu
fuu's picture

Drugs are bad, m'kay?

Thu, 01/19/2012 - 13:16 | 2078274 LawsofPhysics
LawsofPhysics's picture

All those FEMA camps starting to make sense to anyone else yet?

Thu, 01/19/2012 - 13:17 | 2078283 Out9922
Out9922's picture

I was thinking we were going to go first.  Now, I think its the EBT peepz.  

http://www.youtube.com/watch?feature=player_embedded&v=NzspsovNvII

Thu, 01/19/2012 - 13:16 | 2078277 tim73
tim73's picture

Et tu, Canada?

Thu, 01/19/2012 - 13:17 | 2078279 Waffen
Waffen's picture

Well, like George Soros said, China will be the engine of the global economy. Americas future is over, Soros told us in 2008.

Thu, 01/19/2012 - 13:17 | 2078287 LawsofPhysics
LawsofPhysics's picture

America has the guns, but China has the numbers?

Thu, 01/19/2012 - 13:22 | 2078319 freakscene
freakscene's picture

The Chinese couldn't invent their way out of a wet paper bag.

Thu, 01/19/2012 - 13:28 | 2078340 LawsofPhysics
LawsofPhysics's picture

I guess that depends if you have them all "in the bag" to begin with.  Are you at all familiar with the breeding patterns of rats, rabbits, or cockroaches?

Thu, 01/19/2012 - 13:48 | 2078440 Oh regional Indian
Oh regional Indian's picture

More than that, are you familiar with Paper and Gunpowder?

ori

Thu, 01/19/2012 - 15:43 | 2078926 ucsbcanuck
ucsbcanuck's picture

You're thinking paper money ORI - paper was invented by the Egyptians well before the Chinese. Also, don't forget printing.

Also, add pasta to that list ORI.  

Thu, 01/19/2012 - 15:18 | 2078820 DosZap
DosZap's picture

Called this one as soon as Obummer said NO.

Why?, does this have to go to Asia, even if Odmmma did not allow the pipeline?.

Is CANADA flexing it's muscles aginst the GREAT one?.

That can lead to nasty repercussions.

Thu, 01/19/2012 - 13:31 | 2078366 Chief KnocAHoma
Chief KnocAHoma's picture

Sure they have the numbers. Try getting them North America with out us noticing or sinking them.

Their numbers are actually their problem. They all seem to want to eat for some reason.

Thu, 01/19/2012 - 13:53 | 2078461 Arcturus
Arcturus's picture

About 6 EMP's would sink us ASAP.

Thu, 01/19/2012 - 14:55 | 2078703 Hobbleknee
Hobbleknee's picture

They could sneak in on freighter ships, unloading at every port, and swarm us like ants before you could blink.

Thu, 01/19/2012 - 16:17 | 2079046 Chief KnocAHoma
Chief KnocAHoma's picture

Ooooo ... the big bad boogey man.

China is not an offensive nation. Rarely do they attack, and right now they are more concerned with holding their country together and feeding the populus.

Their economy is on a sugar high, and they are very friendly too and even dependant on the US. Granted the Red Bastards from Russia are courting them, but as long as we control the seas, China will need us. Without the US Navy, you don't trade by the seas.

They don't want war with us. Now India, Japan? That would be a much more likely scenario.

Thu, 01/19/2012 - 13:17 | 2078281 Eagle1
Eagle1's picture

Dear Amerika

Hope you like my Change

Sincerely

Bammi

Thu, 01/19/2012 - 13:17 | 2078285 qussl3
qussl3's picture

Harper is asking for it.

 

Thu, 01/19/2012 - 13:22 | 2078315 pods
pods's picture

Debka will come out with some stories soon about Canada's small but increasingly extreme Al-CIA-Duh branch, the Allah Akbar Hoser Brigade.

pods

Thu, 01/19/2012 - 13:17 | 2078286 drink or die
drink or die's picture

We have saved the planet by not burning that oil. 

 

What do you mean it doesn't matter if someone else burns it?

 

oh.

Thu, 01/19/2012 - 13:18 | 2078288 Lilguy
Lilguy's picture

Sort of an over-the-top emotional first reaction in Canada, I'd say.

Of course, the more oil Canada sells to China or Japan or elsewhere in Asia, the more of their current oil suppliers' oil will come to the US.  There is a market equilibrium out there, and huffiness won't change that. 

Heck, we may even find more oil IN the US!

Thu, 01/19/2012 - 13:21 | 2078312 freakscene
freakscene's picture

Finding it is not the problem. Having a President that wants cheaper domestic energy consumption is the current problem America faces.

Thu, 01/19/2012 - 14:57 | 2078715 RockyRacoon
RockyRacoon's picture

Just to be a tad contrarian, sorry, it's my nature:  Can we recalculate that "cheap" oil by throwing in the costs of the military and the big oil subsidies, and the ethanol subsidies?   What does a gallon of gasoline really cost?   This ain't my area of expertise but I'll bet there are a few ZHers out there who have the numbers.

Thu, 01/19/2012 - 15:33 | 2078883 gookempucky
gookempucky's picture

Masked bandit-------hence refinery closing's----no margins

http://energyalmanac.ca.gov/gasoline/margins/index.php

 

Capacity and # of refiners

http://205.254.135.24/dnav/pet/pet_pnp_cap1_dcu_nus_a.htm

http://205.254.135.24/dnav/pet/pet_pnp_cap1_dcu_nus_a.htm

put the link in twice just incase someone missed the first.

US does not have refining capacity for the XL pipeline let alone storge capacity.

Thu, 01/19/2012 - 13:17 | 2078290 been there done that
been there done that's picture

Part of Obama's disaster plan, (to create one)

Thu, 01/19/2012 - 13:19 | 2078291 Schmuck Raker
Schmuck Raker's picture

The US adds 'Uncertainty' to the already immensely popular 'Inflation' as a key Export.

Do NOT follow this link or you will be banned from the site!