As it happens, we probably do have a way out of this, but not through conventional diplomatic channels, writes Sandy Garossino. This mess needs to get back in front of a judge.
Westmoreland Coal made a bad bet in 2013 when it purchased five coal mines in Alberta. Now it's suing Canada under NAFTA to make Canadian taxpayers pay for its mistake.
When Finance Minister Morneau delivered his Fall Economic Update in the third week of November he painted a rosy picture of Trans Mountain’s financial performance. What Morneau didn’t tell Canadians is that if he had included interest expense for the debt taken on to buy the pipeline, there is actually a loss.
When you crunch the numbers, and include the variety of methods even the smaller players rely on to protect their exposure including long-term supply arrangements, hedging and access to rail, it turns out that only about 20 per cent of oilsands supply is actually affected by the light-heavy differential.
Oil producers confirmed it would be a "great cost challenge" to ensure the safe tanker transport of toxic diluted bitumen through marine waterways. They also confirmed they were willing to pay that cost.
Unless it is weakened before legislation is tabled in the spring, B.C.’s ZEV mandate will be the strongest in North America, leapfrogging California, other U.S. states and Quebec.
