Quote:
Originally Posted by kremb
Please tell me where they are going to go spend their billion dollars that is quickly turning into a billion pesos.
The first boom was killed by the price of oil plummeting back to earth, I assume because OPEC raised their output. The world cannot suddenly become flooded with cheap oil again. It isn't there.
The oil business has become a game of musical chairs. I don't want to be left sitting on the ground with the environmental disaster these companies WILL leave behind.
It's nice to see BIG oil over a barrel for a change. The only thing I hope is that the GOVT will be on gaurd with these guys. BIG oil aren't angels.
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Neither are governments. Especially ones that have been riding royalty surpluses to overcome bad policy, and yet still throw around terms like "fair share."
Of course, you are aware that Alberta already possesses some of the most stringent and thorough environmental protection laws against the oilpatch on the planet right? You are also aware the three most environmentally damaging industries in Alberta are Coal, Forestry and Agriculture, right?
The main reason why ramping up the rates at this stage of the game is a bad idea is that the boom is essentially over. Operating costs have done this job. All this would accomplish is turn a soft landing into a hard one. There won't be these windfalls of lost revenue.