• 22 hours Ireland Balks At Biden’s Global Tax Plan
  • 4 days Robinhood To Trade On Nasdaq Targeting $32B Valuation
  • 7 days Facial Recognition Is Watching You
  • 9 days Biden’s $3.5T ‘Human Infrastructure’ Workaround
  • 9 days The Fed’s $3 Trillion Headache
  • 12 days Why Bitcoin Could Struggle To Recover After Epic Crash
  • 12 days Wells Fargo Back In The Spotlight Over Personal Loan Cancellations
  • 13 days Delta Variant Real Threat To Economic Recovery
  • 16 days JEDI Drama Continues With Microsoft Contract Cut
  • 18 days DiDi Shares Take a Beating From Chinese Regulators
  • 19 days Thousands Of Companies Hit In Latest Ransomware Attack
  • 19 days Jobs Report Has Big Numbers, But Still Big Problems
  • 20 days Robinhood’s ‘Mission’ Questioned in $70M Fine
  • 23 days Didi Just Went Public, And Uber Is Loving It
  • 24 days Islamic Finance On Track To Hit $3.7 Trillion
  • 25 days The Lumber Bubble Is Bursting
  • 29 days A New Entry In The Two Trillion Dollar Club
  • 29 days 3 Upcoming IPOs To Watch As IPO Market Rebounds
  • 31 days Welcome To The Used Car Bonanza
  • 32 days The Year Of The Retail Investor Keeps Getting Bigger
China Approves Massive Coal Company Merger

China Approves Massive Coal Company Merger

China has approved the merger of two…

The U.S. Has The Tech To Go Green, But Will It Use It?

The U.S. Has The Tech To Go Green, But Will It Use It?

The COVID-19 pandemic has sparked…

Who Will Pay For The $40 Trillion Energy Transition?

Who Will Pay For The $40 Trillion Energy Transition?

All the pledges from government…

  1. Home
  2. Commodities
  3. Energy

Canada Deals Another Blow To Embattled Energy Industry

Canada

The Canadian Senate voted yesterday to keep a ban on oil tankers in the northern part of British Columbia in what could be seen as the latest blow to the country’s embattled oil industry.

The legislators also voted in favor of Bill C-69, this one dealing with infrastructural projects such as pipelines, after approving 188 amendments to it. Bill C-69 has now been sent back to the House of Commons for review, the Ottawa Citizen reports.

Both the tanker bill, C-48, and the pipeline bill, C-69, will make it even harder for the oil industry to boost exports at a time when there is growing hunger for Canadian heavy crude. This, however, does not seem to be the top concern of the Senators despite quite vocal opposition from the provincial governments of Canada’s oil heartland and intense lobbying in parliament.

The vast majority of Trudeau-appointed Senators have decided it is more important to support a bad Liberal bill than to listen to concerns from provincial governments from across the country,” said the Conservative caucus leader in the Senate, Larry Smith.

Bill C-69 concerns the National Energy Board. Its authors propose to dissolve the NEB and replace it with another body, a Canadian Energy Regulator, which would take on many but not all of the responsibilities of the NEB, which has been attacked for being too close to the energy industry to be unbiased in its decisions on various projects.

If that’s bad for the Trans Mountain expansion—the only pipeline project Ottawa has approved since the Liberals took office—the Bill C-48 could kill the project for good, as a group of First Nations interested in buying into the project warned. A ban on oil tankers along the northern coast of British Columbia will render the project pointless combined with the strong opposition of the B.C. government to any tanker traffic off its coast.

By Irina Slav for Safehaven.com

More Top Reads from Safehaven.com:

Back to homepage

Leave a comment

Leave a comment