​Tanking of heavy oil price ‘the slowest train crash’: this week’s best quotes

Image: Deborah Jaremko/JWN

Here are some of the best news quotes from the Daily Oil Bulletin for the week ending Oct. 26, 2018.

Husky Energy CEO Rob Peabody commented on the recent and continuing record-high price discount for Canadian heavy oil:

“I’ve heard some people talk about this as being a bit of a market failure; I think this is anything but a market failure. The market is doing exactly what you’d expect it to do, and it’s doing the right thing. It’s trying to clear the market.

“The failure is in a whole bunch of other parties, including the industry, who haven’t taken appropriate action to head off what has been probably the slowest train crash or something I’ve ever seen. Coming from about 10 years out you could see it coming, and yet we walked right into it as a nation. [It’s a] pretty sad statement on Canada.”

Alberta Opposition Leader Jason Kenney expressed blame for roadblocks against the oil and gas industry including the cancellation of Northern Gateway, the introduction of Bill C-69 and the tanker ban off the northern British Columbia coast, the federal government’s “killing” of Energy East, the “surrender” to former U.S. president Barack Obama’s veto on Keystone XL, and the campaign of political and legal obstruction on Trans Mountain:

“I believe that all of those developments that have been so injurious to this province were in part the result of a highly successful, deliberate and well organized and hugely well funded campaign of defamation that, for at least the past decade, has sought to defame the production of Canadian hydrocarbon energy — a massive double standard not applied to other major energy producers."

Canada West Foundation CEO Martha Hall Findlay offered a glimmer of hope for the future of the Trans Mountain pipeline expansion in her interpretation of the Court of Appeal verdict that overturned its approval:

“I have read a lot of court decisions. I have never seen a decision go out of its way, the way the court did in the recent TMX decision, to say this is what you need to do.”

A PetroLMI report said it will be a challenge to restock the labour pool as the “grey wave” gains momentum and younger workers are increasingly less inclined to consider a career in oil and gas:

“The decline in the proportion of young workers, relative to other industries in Canada, suggests that they will — if they have not already — become discouraged from pursuing careers in oil and gas without a concerted effort to attract them.”

Following meetings in Ottawa with Canadian senate caucus groups, Alberta Environment Minister Shannon Phillips said she’s confident the federal government’s proposed Bill C-69 will not be approved in its current form:

“They [senators] are getting an earful from Albertans and from Canadians and they are in a mood to ensure that this legislation works for Canadians.”

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