After Trudeau reelection, Canadian oil company immediately moves its headquarters to U.S.
One of Canada’s largest oil companies, Encana Corp., has announced its plans to move its headquarters to the U.S. and drop links to Canada from its name, rebranding as Ovintiv Inc.
According to the Financial Post, this latest announcement will surely intensify uncertainty surrounding Canada’s energy sector, which has been “choked off [of] prospects for growth, prompting foreign companies to ditch more than US$30 billion of assets in the past three years.”
Chevron’s plan to offload its 50 percent share of the nascent Kitimat LNG project was another blow to Canada’s energy industry on Wednesday.
The massive British Columbia natural gas facility and export hub was so crucial for the Canadian economy, the Trudeau government gave a tariff break to China last summer so the communist regime’s cheap, fabricated steel could fast-track construction.
But word that the California-based Chevron wanted to sell its Kitimat LNG interest–$125 million of book-value assets in a $10-billion write-down for the U.S. oil giant–sparked a political fight on Twitter.
Enter Conservatives’ natural resources critic Shannon Stubbs:
Less than an hour later Natural Resources Minister Seamus O’Regan corrected Stubbs. But either way Chevron’s big write-down reveal on Wednesday morning was bad news for the domestic energy sector.
Over the past five years, a combination of discounted Canadian bitumen sales–landlocked inside North American markets by lack of new tidewater projects like the proposed TMX–along with federal policies that have chilled investment, have hampered the energy sector.
At the end of October, Canadian petroleum company EnCana uprooted its Calgary headquarters to move to Denver, Colorado, and a rebrand; the latest news is just the latest in notable capital flight from domestic energy markets that’s witnessed 175,000 jobs shed from the Alberta oil patch in less than five years.
There are moments when it begins to become clear that there has been a sea-change in public opinion.
And with it now being a year since Canadians Michael Kovrig and Michael Spavor were arrested and held hostage by communist China, such a moment has arrived.
The clearest example is what happened to Winnipeg Mayor Brian Bowman, who Tweeted what he apparently thought would be an innocuous photo of his meeting with China’s ambassador to Canada Cong Peiwu.
Bowman was absolutely slammed for the Tweet, which went so far as to “thank” the ambassador for the meeting and mentioned working on “human rights,” while completely ignoring China’s horrific human rights record and failing to mention anything about Canada’s detained Citizens.
Bowman was totally ratioed, with over 500 comments and just a couple-dozen retweets. Bowman was slammed by some MPs, and even by Canada’s former ambassador to China.
But it was the response of regular Canadians that really stood out. People from across the political spectrum were outraged by Bowman’s fawning weakness.
The response reflected something that has been bubbling below the surface among Canadians: A real awakening to the danger posed by communist China, and a sense that enough is enough.
We Canadians are generally an easy-going people, but we have a strong inherent sense of right and wrong. And while the Canadian political and business elites may be able to overlook China’s actions, the Canadian People are not overlooking it.
Canadians have turned against China’s communist government, with surveys showing 90 percent having a negative view of the government led by Xi Jinping.
Whether it’s the destruction of freedom in Hong Kong, holding Canadians hostage, putting millions of Uighurs in concentration camps, forced organ harvesting, or the Orwellian surveillance state, Canadians are looking at China and seeing a country that simply doesn’t share our values, and is in many ways hostile to Canada itself.
There was a time when someone like Brian Bowman could have gotten away with his fawning Tweet, but that time has passed. Sooner or later, Canada’s elites will be forced to realize that they can’t hide the truth about China’s government, and they can’t suppress the real views of Canadians.
The pressure is mounting for a tougher approach to China, for reducing our reliance on China, and to move towards a political and economic decoupling from the ruthless communist State. Whether it starts happening now or down the road, the demands of the Canadian People will be translated into policy one way or another.
Greta Thunberg has joined up with 15 more young climate activists. They have claimed that Canada and Norway are violating the rights of children throughout the world with their oil and gas production.
The activist’s claim that the higher output of fossil-fuel production violates the countries obligations in the United Nations Convention on the Rights of the Child.
Hausfeld LLP released a statement noting that the youths have sent letters to both Canada and Norway addressing the countries’ fossil-fuel production. The letter contrasted the plan with the two countries’ self-proclaimed titles of leaders in climate change.
In the letter to Trudeau dated Dec. 10, it says, “Canada must apply its international climate leadership to all domestic action,” the letter also says, “It must demonstrate how a major fossil fuels producer and exporter can transition away from these pollutants, blazing a trail for other fossil fuel-reliant economies to follow.”
The letter covers Canada’s Line 3 pipeline that stretches from Alberta to Wisconsin as well as the Trans Mountain pipeline. Canada’s oil production could be raised 10 percent by the addition of the Line 3 pipeline alone.
The letter also says that Canada “must end the development and export of new oil and gas reserves, and set a plan to quickly phase out existing production fields,” and adds, “It must stop prioritizing short-term economic gains over the future of its children and all children around the world.”
The letter requested that Trudeau deliver a response in the following two weeks. The request was sent to Jonathan Wilkinson who is the new environment minister for Trudeau.
Wilkinson’s spokesperson, Moira Kelly, wrote an email saying, “Young people and Canadians across the country are counting on us for accelerated action on climate change,” she added, “We hear them, and all of the Canadians who sent a clear message this election, that continuing to fight climate change needs to be a priority.”
“We know we need to make a transition to a cleaner economy and we know that this will not happen overnight,” said Kelly, “We are committed to taking thoughtful solutions with Canadians to ensure that the clean economy is affordable for everyone.”
In 2018, Canada pumped more oil than Iraq, OPEC’s second largest supplier, according to data from BP Plc. By 2040, crude output is projected to increase by close to 50 percent, according to Canada Energy Regulator.
Many Canadians are reportedly filing for bankruptcy at the cost of their fellow citizens.
One of which is Kenneth Nantel. Nantel has been cleared of over $100,000 in debt in the past 10 years. He also does not appear to be concerned with the multiple bankruptcies.
After filing for the fourth time, Nantel’s application was finally denied by the judge overseeing his case.
In 2012 his judge wrote, “He’s shown no reluctance of using bankruptcy to be freed from his debts,” and added, “His past conduct demonstrates a contempt for the rights of his creditors.”
Nantel, who is a mechanic, later took his case to another registrar and was relieved of his debt obligations. He was successful in declaring bankruptcy for a fifth time eight days later after he had acquired another $37,000 in debts.
An investigation by La Press and Toronto Star has found that Nantel is not the only Canadian taking advantage of the bankruptcy system.
The investigations data analysis showed that in 2018, one in five Canadians were filing for bankruptcy for at least their second time. The data which came from the Office of the Superintendent of Bankruptcy shows that 11,500 Canadians filed for their second to fifth time.
20 Canadians filed for bankruptcy for the fifth time last year.
According to the Office of the Superintendent of Bankruptcy Canada, from 2011 to 2018 the number of consumer bankruptcies per year has fallen from 77,993 to 55,091, totalling 523,389. Fifth-time bankruptcies have risen from 5 to 20, totalling 88.
Thomas Telfer, who is a Western University law professor, said, “One fifth-time bankrupt is probably one too many,” he also noted, “It shows that the bankrupt has not received the message.”
Though numerous people who have filed for multiple bankruptcies have legitimate reasons for doing so, others have taken advantage and used the system as what has been referred to as a “fiscal car wash.”
Retired Canadian senator and current lawyer, Yoine Goldstein, said, “In some segments of society, it’s become almost a game. People take advantage of the system and they take advantage of the leniency of the registrars.” he also noted, “Society is bearing the cost of repeat bankruptcies.”
Due to the taxes that have been unpaid because of bankruptcies, credit card lenders have had to increase their interest rate in order to make up the cost. These rates are also being paid by customers who have always paid their debts in the past.
According to the investigation, many of the multiple bankruptcies have taken place in greater Quebec. They also found that it can be easier to file a successful bankruptcy when it is the fourth or fifth time compared to the second.
Though the overall number of bankruptcies has been steadily declining, repeat bankruptcies have been climbing.
According to federal data, only 21 of 395 discharges of fourth and fifth-time bankruptcy applicants were refused.