{"id":55473,"date":"2020-10-30T07:00:44","date_gmt":"2020-10-30T12:00:44","guid":{"rendered":"https:\/\/olduvai.ca\/?p=55473"},"modified":"2020-10-30T07:00:44","modified_gmt":"2020-10-30T12:00:44","slug":"pipe-dream-taxpayer-owned-tmx-is-a-bust-concludes-analyst","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=55473","title":{"rendered":"Pipe Dream: Taxpayer-Owned TMX Is a Bust, Concludes Analyst"},"content":{"rendered":"
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Pipe Dream: Taxpayer-Owned TMX Is a Bust, Concludes Analyst<\/a><\/h3>\n

Expect no Asian windfall for oilsands crude, says a new report by expert David Hughes.<\/strong><\/p>\n<\/div>\n<\/header>\n

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Prime Minister Justin Trudeau announces cabinet\u2019s approval to greenlight the TMX project on June 18, 2019.\u00a0Photo by Sean Kilpatrick, the Canadian Press.<\/span><\/figcaption><\/figure>\n<\/div>\n<\/section>\n
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Remember that 67-year-old pipeline and its controversial bitumen expansion project that Prime Minister Justin Trudeau bought from Kinder Morgan for $4.5 billion in 2018?<\/p>\n

Well, a lot has happened since then.<\/p>\n

For starters, the bitumen export project has climbed from a price tag of $7.8 billion to $12.6 billion and counting.<\/p>\n

Meanwhile, a global pandemic has slowed the economy to a crawl and destabilized oil prices by bluntly curbing demand, probably for years.<\/p>\n

The troubled oil industry, already reeling from global overproduction and crushing debt, is now actively contracting.<\/p>\n

Cenovus and Husky, two of the five largest oilsands producers, just merged to save money by killing more than 2,000 jobs. Suncor axed another 2,000 employees. The so-called \u201ceconomic engine of Canada\u201d is shedding jobs, not making them.<\/p>\n

As the world\u2019s oil industry shrinks, prospects for global economic recovery seem\u00a0remote if not problematic<\/a>, because the world runs on oil.<\/p>\n

China, the presumed market for Alberta\u2019s heavy sour crude, has\u00a0arrested<\/a>\u00a0two of our citizens, bullied our leaders and become a global exporter of\u00a0technological tyranny<\/a>.<\/p>\n

And climate change, the topic everyone likes to endlessly talk about, continues to erode shorelines, burn forests, create refugees and undermine global security.<\/p>\n

So does the world still need the Trans Mountain expansion project?<\/p>\n

That\u2019s the timely question David Hughes, one of the country\u2019s foremost energy experts, deftly answers in his latest report for the Canadian Centre for Policy Alternatives.<\/p>\n

And the\u00a0answer<\/a>\u00a0is a big fat no.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"

Pipe Dream: Taxpayer-Owned TMX Is a Bust, Concludes Analyst Expect no Asian windfall for oilsands crude, says a new report by expert David Hughes. Prime Minister Justin Trudeau announces cabinet\u2019s approval to greenlight the TMX project on June 18, 2019.\u00a0Photo by Sean Kilpatrick, the Canadian Press. Remember that 67-year-old pipeline and its controversial bitumen expansion […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[5549,103,106,2244,3540,23884,28713],"class_list":["post-55473","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-andrew-nikiforuk","tag-canada","tag-canadian-government","tag-david-hughes","tag-oilsands","tag-thetyee-ca","tag-tmx-pipeline"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55473"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55473\/revisions"}],"predecessor-version":[{"id":55474,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55473\/revisions\/55474"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}