Editor:
Re: Canada’s oil undervalued, Feb. 14 letters
A recent letter stated that: 1. Canada’s oil is undervalued due to lack of access to overseas markets, and 2. U.S. money is behind environmental group anti-pipeline, anti-oil and gas efforts, as revealed by “researcher” (her description) Vivian Krause.
If you look into this, then after you have finished with nutritionist Vivian Krause’s take on the woes of the oil and gas industry, I urge you to look into what 40-plus-year career, energy resource analyst, earth scientist David Hughes, and B.C. Economist Robyn Allan, and former CIBC Chief Economist Jeff Rubin have to say on this subject.
The problems for Canadian oil are many, but access to tidewater, and therefore overseas markets, is not one of them. In fact, it is reasoned that the price overseas markets would pay is lower than what U.S. refiners are paying.
As far as “the majority of the funding” behind anti-pipeline, anti-oil and gas efforts being U.S. money, there is a very thorough analysis in EnergiMedia as well as from other sources. You can also look at the info on environmental groups websites.
My investigation found U.S. funding ranging from just under 20 per cent to less than 1 per cent. Therefore, 80 to 99 per cent of the funding comes from Canadians.Hardly a U.S.-financed conspiracy.
Meanwhile, Vivian Krause admits that in 2012, 90 per cent of her income came from the mining and oil and gas industries. She appears to continue to receive honorariums from the industry. Where does the conflict lie?
Approximately 70 per cent of Canada’s oil sands are foreign-owned. Where is the money coming from to pay their lobbyists? Foreign funding.
Where is the wealth from Canadian oil really going? Foreign corporations.
And to rub salt in the wound, Canadian governments – basically you and I – subsidize the fossil fuel industry to the tune of $3.3 billion a year.
Not counting the $12.6 billion we are now expected to pay for the Trans Mountain Expansion to get our oil to those overseas markets who could potentially pay less.
All of this in the name of a product that is driving climate change and destroying our planet. This cannot continue.
Mark Dalton, Surrey