Roundup: Teck withdraws

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As the countdown to potential police enforcement at the Tyendinaga blockade were taking place, a bombshell hit – Teck Resources were “temporarily” withdrawing their application for the proposed Frontier oilsands mine, sparing the Liberal Cabinet of what was essentially an impossible decision, but also spurring the disingenuous cries from Jason Kenney and the federal Conservatives as to what this move represents. A big part of the decision was of course the fact that the price of oil is far too low to make the project viable, and global investment markets are making it clear that they are looking to invest in more sustainable projects, but we know that isn’t going to be the narrative that is being used to howl about it.

There is going to be so much wailing and gnashing of teeth over the next few days that the Liberals “politicized” the approval (which is funny considering it was the Conservatives that wrote in said politicization into the legislation in 2012, which was the process by which this project was being assessed), and that this will somehow be a loss of $70 billion in revenues (never mind that said figure comes from estimates that oil was somewhere around $95/barrel, when it’s currently hovering around $50 and is likely to remain so in the near term). Remember that there are about 20 other approved oilsands projects in Alberta that aren’t getting built because oil prices are too low to make them viable, and Teck has been saying for weeks if not longer that this was going to be the case as well – and yet Kenney, Scheer, and company have been making this approval into some kind of symbol or totem about the supposed health of foreign investment in Canada. It was only ever bullshit designed to make people angry for their political gain, but that’s what political discourse has devolved into these days.

https://twitter.com/Lazin_Ryder/status/1231794973776863232

https://twitter.com/Lazin_Ryder/status/1231797606335991810

Good reads:

  • The RCMP have “temporarily” closed one of their outposts on Wet’suwet’en territory, but the issue of patrols may be a sticking point for upcoming talks.
  • Certain industry groups are looking for a compensation package from the federal government over the rail blockades.
  • It looks like Veterans Affairs is becoming more stringent with offering therapy to families of veterans after the abuse of said system by a convicted murders.
  • Andrew Scheer spent his Sunday posting a video to complain of a CBC story about Paw Patrol and capitalism. No, seriously.
  • Conservative leadership candidates spent the weekend hustling for support at the Ontario PC policy convention.
  • Peter MacKay reiterated his belief that the Paris targets are just “aspirational.”
  • Preston Manning gave some thoughts over the weekend about the Conservative leadership contest and urges the party to stop looking for a Messiah.

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2 thoughts on “Roundup: Teck withdraws”

  1. Maybe Scheer can send the Paw Patrol in to break up the blockades. Then dispatch Dora the Explorer to use her magic map to find a new route for the pipeline.

  2. While investors vary widely in their patience, we need to remember that the whole point of investment is to generate returns on the investment within a reasonable period. It is fairly clear at this point in history that making a bloody mess of the environment, for quick profit and employment opportunities, and delegating cleanup to subsequent generations, starts to lose credibility and appeal when the prospect of “subsequent generations” is diminished. It was the focus on investment profits and jobs, without any regard to environmental consequences, that got us into this mess in the first place.

    I doubt that Teck’s de-application was spurred by environmental concerns. But I’m pleased that they realized it would not likely be a cakewalk to extract resources from somewhere remote enough to require transport through/over lands occupied by many diverse groups who could not be relied on to willingly accept such transport/incursions. Thankfully, this is not Brazil.

    I doubt Teck is waiting for it to *become* Brazil, but maybe their “temporary” withdrawal is in anticipation of more easily workable solutions for Indigenous approval, or perhaps easier transport via northern routes once the polar ice cap has melted and moved all coastal cities back a few more miles inland.

    But very cogent point about the current and anticipated price of oil. Honestly, sometimes politics feels like one is watching Penn & Teller telling you to “look over here” as a distraction while they do something else over there.

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