U.S. President Joe Biden’s torpedoing of the Keystone XL pipeline elicited a scathing response from several Canadian premiers. Canada frequently made the pipeline’s case through diplomatic and political circles in the months following Biden’s statement last May that: “I’ve been against Keystone from the beginning. It is tarsands that we don’t need.” Is retaliation against…
The sheer scale of investment in the natural gas industry in Australia has yielded substantial economic benefits
By Mark Milke and Lennie Kaplan Canadian Energy Centre When U.S. President Joe Biden recently revoked the presidential permit for the Keystone XL pipeline, it was a reminder of how anti-oil-and-gas activism and politics over the years can kill Canadian (and American) jobs. It was also a reminder of how dependent Canada is on one…
Global demand remains a major concern
Uncertainty is ruling the energy world. “Crude producers continue to grapple with huge uncertainty about where this goes from here,” Tim Gould, the International Energy Agency (IEA) head of energy supply outlooks and investment, told the press last week. The Organization of Petroleum Exporting Countries (OPEC) agrees. “Uncertainties remain high going forward with the main…
With the COVID-19 recession and the expansion of Chinese influence, it’s urgent that Canada take the initiative and position itself in new markets
In November, China and 14 Asia-Pacific countries including Japan and South Korea signed a free-trade deal covering 2.2 billion people and nearly 30 per cent of international trade. This Regional Comprehensive Economic Partnership shows that the Pacific region continues to reinforce its place as the world’s leading trade hub. Canada and, more precisely, the Prairie…
It is a mistake to think Canada can thrive without the export wealth generated by the energy sector
By Mark Milke and Lennie Kaplan Canadian Energy Centre You may have heard the persistent worldwide narrative that oil and natural gas are dead, or soon will be, and can easily be replaced with other forms of energy. The latter claim is simply false. Read the work of energy transition expert Vaclav Smil, professor of…
Even if the vaccines remain effective against the new COVID-19 mutants, a true crude oil market rebound is still a long shot
Strong headwinds continue to disrupt crude oil markets in the new year. In 2020, COVID-19 triggered demand destruction, with some insisting that global oil demand may have already peaked. Lifestyles changed – apparently forever. Working from home became the new norm, commuting to the workplace became extinct and flying became less prevalent. All these factors…
United States President Donald Trump leaves office in three weeks. Anything could happen before then. Stakeholders are taking positions around the strategically-important Strait of Hormuz, the only sea passage for crude oil shipped from the Persian Gulf to the open ocean. In 2018, some 21 million barrels per day (bpd), or almost 20 per cent…
Opposing interest groups are endeavouring to sway crude oil market sentiments. The global oil industry needs some $12.6 trillion in investments through 2045 to meet the demand, Organization of Petroleum Exporting Countries (OPEC) secretary general Mohammed Barkindo said at a videoconference. This declaration came despite the fact that earlier the month in its Monthly Oil…
The United States has been sitting on some stunning discoveries for years
No one ever took U.S. President Donald Trump for Star Trek’s Capt. Jean-Luc Picard. Nevertheless, his creation of the U.S. Space Force in December 2019 resembled the latter’s powerful command, “Engage!” The space race is on but what most people would find surprising is how far along that race is already. “The power of space…
And the rush to monetize crude oil assets is on
The halcyon days of crude oil are over. The reality of the transition is dawning on stakeholders. From the Organization of Petroleum Exporting Countries (OPEC) and Russia, to the major oil companies, all are beginning to recognize, appreciate and react to this changing global energy kaleidoscope. Russia was denying the reality. No more. “The peak…
It was a political decision, a compromise between the differing oil producers. Last Thursday, after extended deliberations, debate and heated arguments, the Organization of Petroleum Exporting Countries (OPEC) and its allies in the extended OPEC+ finally opted to increase their crude oil output by 500,000 barrels per day (bpd) from January 2021. And every month…
What can Canada do to reduce global carbon dioxide (CO2) emissions while creating substantial economic benefits? My October column explained why attempting to replace fossil-fuel-generated electricity with wind and solar energy is technically impossible and economically disastrous. Here’s another solution: Export liquefied natural gas (LNG) to replace coal-fuelled electricity generation. This will cut coal plant…
By Mark Milke and Ven Venkatachalam Canadian Energy Centre Atlantic Canada struggled to create good-paying jobs long before the COVID-19 pandemic. The multiple reasons include poor policy and high taxes on businesses and individuals. Poor policy reinforces other lousy policy, leading to a self-reinforcing downward economic spiral. For instance, previous governments formed policy forbidding fracking…
The rush to monetize oil and gas assets gathers momentum as major debt problems rise for many oil-producing countries
Climate change is at the top of U.S. president-elect Joe Biden’s priority list. By nominating a person of the stature of former secretary of state John Kerry as the special presidential envoy on climate change, Biden has spelled out his intentions. The message is getting loud and clear to stakeholders. Consequently, the rush to monetize…
Redox flow battery technology has promising applications for storing energy from renewable sources
University of Alberta chemists are making new strides in research on a type of battery that could help power the future. “Environmentally friendly renewable energy sources such as solar and wind provide a significant opportunity to alleviate the energy crisis and dramatically reduce carbon emissions,” said Hao Wang, chemistry PhD student in the Faculty of Science.…