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Read more about cookies here. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Register Now. FP CryptoDecoded: Join us at our free crypto and blockchain events. Manage Print Subscription. Main Menu Search financialpost. This advertisement has not loaded yet, but your article continues below. When it opened in March, , Canada was in the midst of a fuel glut. First, there already is a substantial market for secondary Canadian wood products.
Chamber of Commerce, told the National Post in There are ethical argument to be made that Canada should leave its forests in place rather than use them to support a few thousand forestry jobs. In fact, oil extraction is the single most profitable and labour-intensive component of the oil supply chain. In fact, by plugging in economic data from Statistics Canada he found that oil extraction created more value than any other Canadian industry, including refining. A report by the Macdonald-Laurier Institute came to similar conclusions.
Black even got the Industrial and Commercial Bank of China to back the project and find buyers for its product.
But then, the federal government kiboshed the Northern Gateway pipeline and the project fell apart. Meanwhile, Energy East was cancelled, Keystone XL may have been irreparably delayed and just this week, Vancouver mayor Gregor Robertson tacitly endorsed stopping Trans Mountain construction with illegal protests. These are not the actions of a country poised to roll out the red carpet for export-only oil refineries.
The nightmare scenario is that Canada embarks on a wildly expensive refinery-building spree, only to find that it has no ports or pipelines to sell it abroad. Supplies would glut, prices would plummet and whatever refining profits Canada once had would vanish. Any new Canadian refinery would also be poised to celebrate its opening day just as North American oil demand is set to taper off.
According to a analysis by BP, U. And a note to B. Your go-to source for all the best Black Friday deals: tech, toys, fashion, mattresses, beauty, wellness, travel and more. The holiday, which is a big deal elsewhere, is becoming a thing here, too. If you're in the market for a new option this cold-weather season, we've rounded up four fashionable finds that will be sure to up your cool factor, while keeping out the cold.
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