October 29, 2015

"Capital strike": Alberta loses $20B in capital investment after NDP budget, Trudeau election

Ezra LevantRebel Commander
 

We all know what labour strikes are. But what’s a capital strike? 

That's what's happening in Alberta right now.

Literally hours after the NDP's budget was tabled, Shell cancelled a multi-billion dollar oilsands project killing 1,450 jobs.

And then, the day after the budget, MEG Energy announced it was laying off more workers and cutting their capital expenditures.

It means the world’s investors — which these days means people who manage our pension funds — are telling companies: Don’t invest in Alberta.

Capital investment in Alberta was already on track to be down by $20 billion this year alone. But that was before this attack budget removed any doubt that the extremists are in charge.

If you’ve got an oilsands project in Alberta that’s already up and running, you can’t move it. You probably can’t shut it down. So you do what MEG did.

If you haven’t built your project yet, like Shell, you head to a different country.

That’s called a capital strike.

Because of Rachel Notley and the risk of Justin Trudeau, the smart money is fleeing Alberta. 

 

Tell Rachel Notley to stop her war on oil and gas jobs in Alberta.

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Comments
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commented 2015-10-29 22:53:02 -0400
Yes, Terry, wonderful news for BC. YAWN
commented 2015-10-29 22:40:27 -0400
I’ve said it before, and I’ll say it again…great news for BC!
commented 2015-10-29 21:58:47 -0400
Atlas Shrugged, anyone?
commented 2015-10-29 21:56:22 -0400
I keep hoping when she flips her hair her zombie head will fly right off her neck. Same as when I watch Wynne flap her arms when she speaks that she lifts off and joins her flying monkey brethren from Oz.
commented 2015-10-29 19:03:32 -0400
Jason Bertucci said, "A company has to play the politics game. They would never single out the controlling party of a province they invest in. They deal with sort of stuff in Bolivia, Nigeria, and other backward states run by dictators. They will not shoot themselves in the foot by naming names, because those players, including the NDP want every excuse to cut these companies out of their region. "

Good point. Our resident thorn, Kelly Weber, seem to believe that if the oil company did not specifically mention the NDP, then it is not the NDP that made them pull investment out of Alberta, but only the current world price for oil. Real solid steel trap logic there. Of course the oil companies would not mention the controlling party (or government) by name, they would shoot themselves in the foot.
commented 2015-10-29 18:58:46 -0400
The insane lunatic left Alberta NDP are intent on destroying the Alberta economy and the Canadian economy. If they are not stopped soon, it will take decades to restore what they will have destroyed economically in this country.

STOP THE NDP FROM DESTROYING ALBERTA’S ECONOMY! STOP THE NDP WAR ON OIL JOBS IN ALBERTA!
commented 2015-10-29 18:51:31 -0400
Kelly said, “Peter, No but you obviously are! Every oil industry in North America is cutting back you moron. Don’t let the facts get in your way!”

That is exactly what you are doing, you moron. Shell and others are not stopping investing their money, they are pulling it out of Alberta and inverting it elsewhere.

If they are pulling back investments because of the WORLD oil prices as you claim, then why are they invesing elsewhere?

It is because of the NDP government, you moron! Get it through that damn thick bonehead skull of yours!
commented 2015-10-29 18:04:09 -0400
Oil companies have been through the bad times before and now is time to protect capital and rethink marginal investments. The oil price definitely has much to do with it. If you want a number I’d say 50% of more. But the election of Trudeau and the NDP government in Alberta does not help. A company has to play the politics game. They would never single out the controlling party of a province they invest in. They deal with sort of stuff in Bolivia, Nigeria, and other backward states run by dictators. They will not shoot themselves in the foot by naming names, because those players, including the NDP want every excuse to cut these companies out of their region.

It will not only affect investment but also the movement of skilled workers. If I were a young person here in BC, I would now rethink moving for skilled work in Alberta. The BC Liberals are not fantastic, but they are moving ahead with LNG. The NDP is determined in Alberta to destroy jobs, if it means enriching or pleasing environmentalists, union job holders, or other interested parties.
commented 2015-10-29 17:33:18 -0400
Who is John Galt?
commented 2015-10-29 17:20:51 -0400
It was just a matter of time before they asked “who is John Galt?”.
I suppose we have to wait out the following eras before the Western World can start to regain reason and common sense (if there is anything left to salvage that is):
Anti-human/carbon Era – coming soon to Paris November 2015 (target goal 2030)
Anti-Christian/Nazarene Era – Escalating since 2011 with no end is sight…
Apology Era – last 10 years… perhaps almost over – we shall see.
Anti-Capitalism Era – the last few decades but escalating fast…
commented 2015-10-29 17:05:54 -0400
The NDP considers the lives of unborn babies expendable, so why wouldn’t they consider peoples’ jobs expendable?
This is not your father’s NDP, which believed in jobs for people. This is an insane NDP, the lunatic left in power now.
They have been conned into believing Al Gore and David Suzuki are prophets, and oil and gas jobs are evil.
But the truth is that jobs in all sectors of the economy are good for people, and it is the NDP that is evil.
Albertans, take action NOW before the insane NDP destroys everything you have worked for.
Mass demonstrations are needed to force the insane NDP to stop destroying Alberta.
Time is short and thousands of jobs are at stake. Don’t take it, fight back!
You can’t let the insane NDP destroy Alberta. Fight back NOW!
Support THEREBEL.MEDIA and fight the insane NDP!
commented 2015-10-29 16:54:22 -0400
It’s clear that Notley wants the oilsands shut down, and she doesn’t care how many Albertans’ lives she destroys.
commented 2015-10-29 16:46:46 -0400
@kelly Weber. What you seem to forget when asking why the MSM has not been passing blame to the NDPukes for the cutbacks in oil production??? The MSM are the apologists for the left wing extremists. Have the NDPukes been at fault for anything? Well, you and I know better. They are absolutely perfect! Nothing is or ever will be the fault of the NDPukes if you are looking to the media. So, you don’t make any sense trying justify their stupidity and incompetence. The MSM on the other hand is now blaming Harper, of all things, for NOT spending hundreds of millions of dollars to repair 24 Sussex. Will the NDPukes accept responsibilty for their attack on Alberta oil? You and the MSM say no. Thanks. We know where you both stand.
commented 2015-10-29 16:13:53 -0400
Peter, No but you obviously are! Every oil industry in North America is cutting back you moron. Don’t let the facts get in your way! They are all cutting jobs, cancelling projects. Do you not read anything but the Rebel? You do realize their goal is to make money?? How much of a profit do you think they are making with oil at $40? How many “six figure jobs” do you think they can support with $40 oil? Funny my neighbor still has a job in Alberta and he doesn’t even live there. His employer flies him home every second weekend. I guess there is no one in Alberta qualified to do his job!
commented 2015-10-29 16:08:52 -0400
Kelly Weber said to Deborah, “Deborah, I don’t live in Alberta so what happens in four years time is really not my problem.”

But you certainly seem to have some strong opinions about Alberta, so apparently what does happen in Alberta you are making it your issue.
commented 2015-10-29 16:06:23 -0400
@ Ron Voss whosaid, “The only benefit of the trolls being here is witnessing first hand the demented thinking of these trolls.”

And to see just how limited their thinking is. It’s like they take one (or for the really advanced troll, two) facts, and then twist them into their limited leftist mindset. The overall picture, context of various types ( global, economic, cultural ) they do not seem to ever take into account. Limited bubble of reality.
commented 2015-10-29 16:02:36 -0400
@ Kelly Weber

Do you really expect them to specifically mention the NDP? Are really that daft?
commented 2015-10-29 15:56:31 -0400
Ah, typical lefty, couldn’t care less.
commented 2015-10-29 15:54:49 -0400
DEBORAH GRAUPNER, “Kelly Weber – yes, we know that you are a cheerleader for the NDP. The test for you will be in four years time; will you still be a cheerleader for a no-nothing communist, who’s goal it was to destroy capitalism in AB?” Deborah, the answer is “yes” he will still be “a cheerleader for a no-nothing communist”, since, being nothing less than one of Lenin’s “useful idiots”, he pines fur the socialist utopia.
commented 2015-10-29 15:51:47 -0400
Deborah, I don’t live in Alberta so what happens in four years time is really not my problem.
commented 2015-10-29 15:37:43 -0400
Kelly Weber – yes, we know that you are a cheerleader for the NDP. The test for you will be in four years time; will you still be a cheerleader for a no-nothing communist, who’s goal it was to destroy capitalism in AB?
commented 2015-10-29 15:18:52 -0400
Ron Voss – I agree, they prove how utterly insane their way of thinking is, at every opportunity!
commented 2015-10-29 15:16:17 -0400
Ron, Are you calling Deborah and Peter trolls?
commented 2015-10-29 15:15:56 -0400
Kelly Weber – does everything have to be spelled out for you lefties? If you can’t see that the AB NDP are hostile to the O&G industry, by watching their actions, then I’m not sure that we can help you to understand this.
commented 2015-10-29 15:11:46 -0400
DEBORAH GRAUPNER, well put, “I agree with everything you say Peter, but the antagonists have no intention of ever agreeing with anything you say. They are paid agitators, and only want to distort the truth, and frustrated others.” The only benefit of the trolls being here is witnessing first hand the demented thinking of these trolls.
commented 2015-10-29 15:07:19 -0400
Oh and Shell walking away from Alaska, that must be the fault of the NDP too.