Wednesday, December 31, 2014

Ringing In The New Year In Clarkland...The Albatross Effect.


Reuters has the latest evidence that Ms. Clark and Ms. Martin's herd of LNG Sparkle Ponies is really nothing more than a flock of albatross dressed-up in media-spun clothing:

MILAN (Reuters) - Excelerate Energy's Texan liquefied natural gas terminal plan has become the first victim of an oil price slump threatening the economics of U.S. LNG export projects.

A halving in the oil price since June has upended assumptions by developers that cheap U.S. LNG would muscle into high-value Asian energy markets, which relied on oil prices staying high to make the U.S. supply affordable.

The floating 8 million tonne per annum (mtpa) export plant moored at Lavaca Bay, Texas advanced by Houston-based Excelerate has been put on hold, according to regulatory filings obtained by Reuters.

The project was initially due to begin exports in 2018...


How much are these wretched birds hanging from our necks going to further drag us down into the pointless longterm debt quagmire that the Knotty Gordians and the Clarklandians have built for us using our own money and treasure?

Norm Farrell, in his latest, lays it all out because the Lotuslandian proMedia won't. Here's just a small chunk (but go read it all):

...Lately, the least competent managers in BC history have been aiming to make the province a major exporter of natural gas. This is a costly and risky proposition. Actual and forecast cash and tax expenditures for natural gas currently amount to more than a billion dollars a year and the $8.8 billion Site C dam, not needed for domestic consumption, is intended to provide power to LNG facilities. Beyond subsidized power, taxpayers are likely on the hook for material amounts for infrastructure to support gas transport and processing...

Happy New Year everyone!



Anonymous said...

Sell the eagle ...get the albatross
Bc liberals -oh but the project is only 350 million.
Whatever they say double the number.?
Ontario says p3 are not good for taxpayer

Anonymous said...

Sucker punch by corprate welfare.
Thanks for the party .heres the bill

Anonymous said...

Politiccians are to ba a people proxy not a corprate one.

Anonymous said...

US opening of oil export tap widens battle for global market

The action comes at a critical juncture for the global oil market. World prices have halved to less than $60 a barrel since the summer as top exporter Saudi Arabia, once a staunch defender of $100 oil, refused to cut production in the face of surging U.S. shale output and tempered global demand.

By opening the door to U.S. crude exports, the administration is offering a bit of relief to some domestic drillers that have said that they are forced to sell their shale oil at a discount of as much as $15 a barrel versus global markets as fast-rising domestic supplies overwhelm local demand.

But the impending swell of U.S. petroleum into global markets may intensify what many analysts say is a pivotal oil market war, with Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) unwilling to yield ground. Now they will face even greater competition beyond U.S. shores.

Anonymous said...

LNG and site C dyke mania?