TransCanada cancels Energy East Pipeline

[errolanderson]

Canada's economy appears in a sharp slowdown. Bank of Canada untimely rate hikes have contributed to a sharp August Cdn trade deficit. Exports declined 1% in August. As Gomer Pyle would say; Surprise, surprise, surprise . . . .

http://www.bnn.ca/canada-august-trade-deficit-unexpectedly-widens-as-exports-drop-1.876248

Now TransCanada won't proceed with the Energy East pipeline . . . .

Further losses for the spot loonie appear possible given the rapid slowdown in Canada's economy into the 4th quarter.

[SASKFARMER3]

When the Mayor or Montreal who can dump raw sewage into the ST Laurence yet says oil in a pipe is bad Wink wink unless you pay me a fee. The Liberanos continue their merry way.

[tweety]

[URL="http://www.bnn.ca/canada-august-trade-deficit-unexpectedly-widens-as-exports-drop-1.876248"]http://www.bnn.ca/canada-august-trade-deficit-unexpectedly-widens-as-exports-drop-1.876248[/URL]

[URL="http://www.bnn.ca/video/political-and-regulatory-fatigue-transcanada-pulls-the-plug-on-energy-east~1225148"]http://www.bnn.ca/video/political-and-regulatory-fatigue-transcanada-pulls-the-plug-on-energy-east~1225148[/URL]

[Hamloc]

Montreal Mayor Denis Codere tweeted that he was very happy the pipeline was cancelled. Justin Trudeau is working very hard at shutting down economic growth in Canada. It appears that he will be just as successful as his father at shutting down western Canada's oil industry.
There is no doubt that in my lifetime the 2 Prime Ministers I despised the most were Pierre Elliot Trudeau and Justin Trudeau. There is a difference though, even though I despised P.E.T. I did respect his intelligence. With Justin there is no respect for intelligence because there isn't any.
It will be interesting to see if the slowdown in exports continues into the fall!

[seldomseen]

That's a bad deal! The project killed because of all the left wing bureaucracy and climate change activists.
Then people won't be happy until everyone is jobless shivering in the dark.

[furrowtickler]

That project had no hope after JT got in.
He announced some fluffy b/S on pipelines but those hd no hope anyway , he knew it . Was just a photo op

[jethro456]

The NEB changed the rules on this pipeline project. They now count all upstream and downstream emissions against any oil projects. So they are responsible for the emissions related to mining the oil, plus any emissions involved in consumption. Makes no sense

[mcfarms]

You knew the fix was in when they came up with that, be like being charged the carbon tax for all the emissions caused by the production, transport and processing of our products right to the end user, oh oh I think I just gave Bill Morneau a new idea.

[SASKFARMER3]

Listen to the liberals try to defend this wow that whole party is made up of idiots

[chuckChuck]

The question is did Trans Canada need Energy East after Trump approved Keystone XL? No doubt regulations added to the cost but what about the declining projections for oil sands production? Several major companies and investors have been cancelling and pulling out of oil sands projects for awhile now because of low oil prices that make the projects not viable. So perhaps the more important reason that Energy East was cancelled was because it wasn't needed?

If the idea of using Canadian oil for eastern Canadian markets instead of imported was a good idea why did this never happen 20-30 years ago when it was easier and cheaper to build pipelines?

We always thought we were in good shape because we could export our surplus oil to the US. All that changed when new technology and the increase in US production have made the US more self sufficient. No one predicted that.