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by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery added $1.36 to $41.75 on the New York Merc, while Brent for January added 17 cents to $44.83 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15 to WTI ($26.75), up from a discount of $15.10. Natural gas for December added 6.5 cents to $2.21. The TSX energy index added 1.59 points to close at 176.49.
The NDP government of Alberta has released its long-awaited "climate leadership plan." Details are sketchy, but there are four main points: (i) Alberta will phase out all 18 of its coal-fired power plants by 2030 (up from the 12 plants that were already federally required to be retired by then); (ii) a carbon price of $20 per tonne will be applied in 2017 and then go up to $30 per tonne in 2018; (iii) an overall oil sands emission limit of 100 megatonnes will be set (compared with current emissions of 70 megatonnes); and (iv) by 2025, methane emissions will be cut 45 per cent over 2014 levels. These points were laid out Sunday afternoon by a beaming group of politicians, Indians and energy executives, all singing the praises of the new economic burdens. The executives did have some reasons to smile. The plan will affect everyone, not just their companies, and eases fears that the federal government will demand even tougher measures. It may also (though not among the hardliners) lead to friendlier perceptions of the oil sands. A statement released yesterday by Canadian Natural Resources Ltd. (CNQ: $33.00), Cenovus Energy Inc. (CVE: $19.96), Shell Canada Ltd. and Suncor Energy Inc. (SU: $36.67) cheered the "historic development for Alberta and Canada that will change the conversation about climate change, oil sands and infrastructure." Of course, changing a conversation and changing a course of action are two different things. On the crucial issue of pipelines, for example, Alberta Premier Rachel Notley said she would not guarantee that new pipelines would be built under her plan.
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Let us all be clear..... carbon taxes are most successful ripoff of your money in the history of the world. The reason all governments love global warming bull crap... oops, since global warming has been proven to be absolute garbage, its now climate change (I think the Earth has had climate change since it was first created)... and politicians now have a way to take even more of your money so they can spend it on their idiotic projects and ideas... and as for all the oil/gas companies and other industries getting on board, well... who do you think will really pay for these new taxes? when the companies will just pass the costs on to YOU.
Carbon taxes... the greatest screw job of the taxpayer in history.