Justin Trudeau's Goal To Keep-Fossil-Fuel-In-The-Ground Seems To Be Working -- December 16, 2017 - Hallo friendsMY LIVE MY WAY, In the article you read this time with the title Justin Trudeau's Goal To Keep-Fossil-Fuel-In-The-Ground Seems To Be Working -- December 16, 2017, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article my style, Article my way, Article New ways, Article their way, We write this you can understand. Alright, good read.

Title : Justin Trudeau's Goal To Keep-Fossil-Fuel-In-The-Ground Seems To Be Working -- December 16, 2017
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Justin Trudeau's Goal To Keep-Fossil-Fuel-In-The-Ground Seems To Be Working -- December 16, 2017

A reader sent me a note regarding Canada's Justin Trudeau's principal advisor: George Butts. This is what would have happened to us had Hillary been elected. George Butts is Tom Steyer on steroids. George Butts doesn't have the money but he has the power. He is Trudeau's principal advisor on energy (and I assume most everything else). Prior to his current "job," he was president and CEO of the World Wildlife Fund Canada, a global conservation organization. In 2014, Maclean's magazine declared Butts to be the fourteenth most powerful Canadian.

I didn't think the article of particular interest -- just another political debacle for the Canadians but then something else just popped up -- again, another article from a reader.

This is not a rhetorical question. I am truly curious. US refineries are optimized for heavy oil; that's what the Keystone XL pipeline was all about -- bringing heavy oil from western Canada to US refineries along the Gulf coast. Of course that has not panned out.

Meanwhile, imports from Saudi Arabia have dropped significantly and heavy oil imports from Venezuela, I assume, are also dropping. So, where is heavy oil for US refineries coming from? Certainly not from Canada. (Most recent data is from September; it will be quite some time to see data for November/December, 2018.)

Note this article from oilprice.com sent by a reader: Canadian oil prices plunge to $30/bbl. Data points:

• oil from Canada's oil sands is now selling at $27/bbl discount relative to WTI -- the sharpest difference in more than four years
• Western Canada Select (WCS): benchmark for oil from Alberta's oil sands, has plunged in December, falling to just $30 per barrel at the end of this past week
• reflects: 
• • different quality from lighter forms of oil
  • extra transportation costs to move oil hundreds of miles out of Alberta
• but a discount is usually something like $10/bbl; not more than $25
• a price deterioration of this magnitude has not been seen in years
• reasons for increased transportation costs: CBR is imploding; perfect storm
• • TransCanada's Keystone pipeline capacity was slowed in November while the company made repairs
  • led to a glut of WCS; WCS was diverted into storage as the pipeline underwent repairs
  • second, railroad companies were unable to accommodate the oil industry on short notice; equipment constraints and crew constraints (one wonders if such constraints are worse in a liberal-leaning/regulation-heavy country like Canada vis-a-vis the US)
  • Canadian oil companies have been tied up trying to ship delayed oil cargoes; have not been able to accept oil shipments

Much more at the linked article.

My hunch: Justin Trudeau is receiving a lot of angry phone calls from Alberta but George Butts is more than happy with how things are turning out. Butts leads the "keep-fossil-fuel-in-the-ground" parade.

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