As Canadians prepare to vote in an upcoming federal election, it’s time to reassess the country’s economic prospects, once touted as the strong suit of Stephen Harper’s government. For almost a decade, Canadians have been told massive expansion of Alberta’s oil sands would be the engine of economic growth as the country rode a wave of soaring oil prices during the government’s early years. Some question the wisdom of building an economy on the foundation of a single resource.
This one of the most uplifting articles I have read in some time! Tar Sands Investments down and no pipelines to the Koch Refineries in the Gulf-
“One by one, the key assumptions behind the Harper government’s economic strategy of oil-based growth have fallen by the wayside”
“the reality is that an oversupplied world oil market doesn’t need Canada’s high-cost fuel.”
“but it’s certainly not news to investors who have been fleeing from the resource in droves. Hemorrhaging red ink, oil sands stocks are now trading lower than the bottoms reached during the Great Recession”
Lets all shed A great big tear for Mr. Harper and the Koch Brothers
And thank you for the GREAT news Mr. Suzuki-
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So Canadians have an opportunity to kick Harper out of office. So do it. But they’ll have to hold the new PM’s feet to the fire or he might repeat the same failed program.
The International Energy Agency estimates that if we are to avoid the worst consequences of climate change and hold atmospheric carbon to 450 parts per million, world oil consumption will have to fall by more than 12 million barrels a day over the next two decades, pointing to even lower oil prices in the future.
Are there any data ciphers here that can verify that number? It seems like too small a reduction in daily worldwide consumption to be effective. Well, it shouldn’t be hard to investigate.
Excellent expose by Suzuki and Rubin of the reasons Harper should be fired (just a figure of speech.) At the moment both prices and demand are down, but oil is likely to alternately spike and tank many more times before it’s gone, and Harper won’t be the last to hitch his wagon to the oil convoy.
Thats a drop of 12 million barrels a day every day for two decades i.e 12 million times 365 times 20 for the consumption after 20 years.
The article seems to focus on economic issues with little mention of the horrific irreparable environmental and ecological devastation resulting from the tar sands extraction with untold hundreds of thousands of acres left in total ruin. Anyone interested is seeing the devastation can do so via TED, where the documentary by Garth Lentz is shown: http://www.ted.com/talks/garth_lenz_images_of_beauty_and_devastation?language=en
Be prepared to shed a flood of tears…
Just watched it- That was one VERY good presentation!
This Tar Sand crap must end and end soon-
Suzuki’s 1985 series, “A Planet for the Taking” was a truly amazing account of how and even why humans are destroying the planet. It’s been unavailable for purchase for more than twenty years, - to my knowledge the only one of his productions that is. It was censored to the point where it isn’t even mentioned on the Suzuki Foundation website.
Occasionally a segment or two can be found for sale on Ebay. But for the time being, six of the eight segments of the series is available for viewing on Youtube! I highly recommend it.
“The billions in cancelled investment are bad enough, as the last five months of GDP numbers attest. But there could be worse to come. Not only do new oil-sands projects no longer make economic sense, but even current production is no longer profitable.”
Kudos to Michael Klare and Harvey Wasserman for spelling this outcome out all along.
And this gem bears repeating. It’s the prototype of every ALEC-Koch brothers’-sponsored Republican candidate today:
“To avoid confronting real concerns about human-caused climate change, the Harper government took the unprecedented path of cancelling Canada’s commitment to the international Kyoto agreement, suppressing potential obstructions to Canada’s petroleum path, shutting down environmental programs, laying off hundreds of government scientists, discarding scientific information from government libraries and decreeing that government must vet all research before scientists are allowed to speak publicly or publish. Science forfeits all credibility when it is fettered by ideological lenses.”
“Leaders” of this type are tyrants, nothing more. They abhor Democracy as much as they abhor Mother Nature. All they recognize are transitory MAN-made profits.