This is a news compilation setting the record straight on the day’s top anti-oil and gas stories and providing research and facts to counter misinformation about the oil and gas industry.
What’s at Stake with the Trans Mountain Pipeline Expansion?
Article from the Tyee cites a flawed report on Trans Mountain by someone with none of their own money at stake. Then tries to distract from their erroneous claim with nature photos for a pipeline following an existing right of way.
Canada’s largest oil producers have underwritten the pipeline costs by committing to long term shipping contracts at fixed prices. These companies have risked their own money because they think it will be profitable. The Federal Government purchased the pipeline after Kinder Morgan left Canada due to unfriendly policy but it is still the producers who ultimately pay.
- In 2018, the Port of Vancouver shipped 4.6 million barrels worth $335 million dollars to China at almost $54 per barrel, well above the discounted price seen from exports to the U.S.
- Refining capacity in the region is expanding and will create a capacity for Canada’s oil to be refined and supply energy to those developing countries.
- At the beginning of the photo section of the article, the author uses an aerial shot of an oil sands operation to show ‘environmental devastation’. However, these claims that the boreal forest is being ravaged in untrue. Since 1967, only 0.03 percent of Canada’s entire boreal forest has been disturbed by oil sands mining.
- Despite multiple claims that the pipeline will be crisscrossing the landscape of B.C.’s interior, pipelines are actually built to go under ground and waterways.
- Despite claims that new tanker traffic will be greatly increased, it will only represent 14% of the total shipping traffic visiting the port of Vancouver.
Here are some stories that get it right, or mostly right.
Tim McMillan, President of the Canadian Association of Petroleum Producers writes that with the increasing demand for energy, who better to supply it with the least environmental than Canada. Even in a situation where demand plateau’s, there will still be $390 billion needed to so support oil and gas production. Even capturing just 5% of the market would net Canada $40 billion would flow into the country. Achieving this could result in 120,000 additional permanent jobs, a $45-billion increase in gross domestic product, and a $7.5-billion-a-year increase in government revenues. It’s clearly time to invest in the energy sector.