January 12, 2018

Nova Scotia’s fracking ban leaves $40B in economic wealth in the ground

Sheila Gunn ReidRebel Host | The Gunn Show

 

A recently released analysis of Nova Scotia's natural gas reserves list their economic potential at between US$20 and 60 billion.

That would be great news for jobs and royalty revenue except upwards of $40 billion of that reserve is only accessible through fracking, and Premier Stephen McNeil says the fracking ban in his province is going to stay firmly in place.

He's willing to leave $40 billion in economic wealth from 7 trillion cubic feet of natural gas in the ground over an unscientific fear-mongering ban on hydraulic fracking.

Wells fractured in Alberta, BC and Saskatchewan over the last 60 years help fund the $3.2 billion in major transfer payments Nova Scotia will receive this year, but it's not just Nova Scotia turning its back on jobs by banning fracking.

New York State sits atop the Marcellus Shale deposit, and instead of developing it like Ohio, West Virginia and Pennsylvania, New York state banned fracking, jobs and revenue and drove up natural gas prices for everyone in the region.

But isn't that always the way?

Progressives love to use the poor as a political weapon and then hurt them first with their bad policies.

And, in the case of Nova Scotia, another province or three can do the heavy lifting while they abandon $40 billion in revenue.

Comments
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commented 2018-01-17 02:07:11 -0500
Wow! “Primo Numpty”… Given the fact that “man made global warming” is the biggest UN ruse of the past 30 years, what’s wrong with Canadians living off of the wondrous deposits of cheap oil and gas sitting under our soil?… Or do you entirely dismiss the effect of that big, bright shining orb in the sky that bathes us with MORE OR LESS sunlight per every square foot of the earth’s surface every day, every century, every millennium?…
commented 2018-01-15 02:03:06 -0500
The days of expanding/exploiting fossil fuels are coming to an end… and so it should be. The very real phenomena… Anthropogenic Global Warming… is much too serious a threat globally, to ignore. It’s time to suck it up… and realize that we can not continue this delusional thinking that prioritizes money over common sense environmentally.
commented 2018-01-14 12:11:10 -0500
The McNeil government’s rejection of fracking reportedly forfeits up to $40 billion from Nova Scotia’s economy. In fairness, there is anti-fracking hysteria and popular backlash for any government pursuing the fracking option. But there are also potential benefits.

Justin Trudeau’s ipso facto killing of Energy East keeps us dependent on more expensive OPEC oil from such “democratic bastions” as Saudi Arabia and Venezuela. Must we continue lining the pockets of these unsavoury regimes?

At the very least, Nova Scotia should send a delegation to Saskatchewan or North Dakota, two venues where fracking is successful. How effective are their environmental standards? If they are inadequate and cannot be improved with modifications, by all means maintain the anti-fracking status quo. But at least give it an honest look before dismissing it outright.

If environmental safeguards are as good as can be expected (bear in mind there are risks to everything, including the extraction of Alberta crude), then Nova Scotia can benefit.

The reward is greater energy self-sufficiency, lower energy costs because the source is local, and an influx of high paying jobs in the fracking industry. Perhaps we can eventually penetrate the European market, which remains dangerously dependent on Putin’s Russia for oil and natural gas.

By contrast, an unwillingness to seriously explore potentially lucrative economic options such as fracking (or gold mining on Warwick Mountain) condemns us to more poverty than otherwise, continued out-migration, and “have not” status in perpetuity.

Kris Larsen
Halifax, NS
commented 2018-01-14 04:57:14 -0500
Thanks Drew… There is evidently no limit to the “profound insights” of Ms. Stephenson, unlike us “lesser mortals”…
commented 2018-01-14 03:21:12 -0500
Andy Neimers now now you know Andrew knows all that happens in the world and decides what is viable very accurately LMAO!
commented 2018-01-13 17:47:52 -0500
Simple question for Ms. Stephenson – how do you know how much “interest” there would be in exploratory drilling if you are not even allowed to try??
commented 2018-01-13 17:13:21 -0500
I guess people like Andrew do not realize that some parts of Canada would improve if they could have access to gas(ask people from the east coast Andrew) and they had a few pipelines to bring it there. But i guess left wing virtue signalling and smugness is far more important than people using a cleaner fuel source.
commented 2018-01-13 17:11:54 -0500
Andrew it would sell, despite your bigoted ignorance. If China could count on more they may rely less on new coal plants which would mean less pollution. For some reason you like when we pour money down sinkholes of fantasy but do not want money to develop real world solutions.
commented 2018-01-13 17:10:10 -0500
Andrew yeah that empty market we just missed out on you mean? Why did China just sign a massive deal with the Trump then? And please tell us why this would be a waste of time but useless green crap is not? What exactly has it proven giving Billions to Tesla?
commented 2018-01-13 16:29:11 -0500
And to think that all this BS started with a Clown called Al Gore and his phony cartoon about Global Warming. Even he now admits that his calculations were wrong. Mumshadit Trudeau loves Al Gore, other than the fact that his mustache tickles him.
commented 2018-01-13 15:35:45 -0500
Is there actually any interest in developing it to start with? In today’s glutted NG market there’s very little incentive to do so – so let’s bear in mind, not the theoretical best-case scenario, but rather the actual situation. Blocking a project that wouldn’t happen for economic purposes is “virtue signaling”, not actually something of actual consequence. Is it even a good idea to try, given that the future value of the gas will probably be much higher than the present values?

The Sable projects are similar in scale and scope to this field – about 5tcf extracted over its 25 year lifetime. The royalties and collected taxes from that were only about 0.1b a year, a pittance relative to total equalization of circa 20x that number (most of which would be clawed back, yielding no actual benefit for the province)
commented 2018-01-13 11:17:55 -0500
If they developed their natural gas deposits, that would mean investment and high paying year round jobs. That would mean more Nova Scotians who actually accumulate wealth. That entails fewer people who need a handout from the feds. That in turn means fewer docile Liberal voters. This simply will not do.
commented 2018-01-13 10:31:15 -0500
Why would they do the work needed to produce that 30 billion in wealth? When they have already received more than 44 Billion of the tax dollars stolen from Alberta? Premier Stephen McNeil, your a despicable, lowlife parasite. http://i.imgur.com/HnmVWkT.jpg
commented 2018-01-13 10:26:05 -0500
I will not be going to N.S. this summer.
commented 2018-01-13 04:15:09 -0500
I have, over the years, formulated a theory that the “mental health” of a society is mirrored in how it treats nature, the lands and seas around them… (Like the Chinese dumping plastics into the ocean..) One of the indicators of where the Nova Scotia mindset is these days is the state of their beaches… They are laden with plastics and filth!… It’s a good thing those popular “tourist shots” of Peggy’s Cove don’t scan down to the waterline because the foreshore is laden with “crap”… A number of years ago I took my son and his new bride from Australia on a New Year’s Day walk along Sandy Cove on Digby Neck… We may as well have been walking through the local landfill… I was ashamed…
commented 2018-01-13 04:01:40 -0500
Good comments Paul Taylor!… Having previously lived on Digby Neck for six years I can attest to the insanity of that province for not allowing fracking, just like New Brunswick next door… For whatever stupid reason they believe that they can sustain their economies by government handouts, ship building contracts around Dartmouth/Halifax, and daddy’s lobster license… The backroads or Nova Scotia are a testament to the real plight of their economy… Every mile on every back road is full of deserted homes or “old folks” shuffling around in them while the younger generation works in Alberta or Saskatchewan… And the government tries to sustain its “patch the potholes” economy by taxing the hell out of any bottle of beer, wine, or booze… Hence, brewing hooch, is the most popular topic at every kitchen party…
commented 2018-01-13 02:07:53 -0500
The BS demonizing Fracking was thought up by the left since they could not claim gas was dirty.
commented 2018-01-12 23:50:01 -0500 · Flag
Well done and thank you Sheila!
I enjoy visiting the Maritimes, nice people and scenery. But their politics and economic sense has long befuddled me. While visiting Newfoundland in September 2016, their government announced a ban on seismic – a necessary prerequisite to drilling. They cited a lack of ‘social license’. The premier didn’t say who grants social license, but what amazed me was the total acceptance of this proclamation by Newfoundlanders. They don’t get it. Their province is the fiscal shithole of Canada -effectively bankrupt. Maritimers should get their heads out of the screech bottle and watch Sheila’s report plus the comments by Dan MacDonald and Common Sense – both are accurate. In addition, look up Enbridge.com – the largest infrastructure company in North America, to see what they are missing out on. One example cites a pipeline through Alberta and Saskatchewan that has generated $51 and $77 million dollars over the past three years in taxes for the municipalities the pipeline traverses. A pipeline replacement will generate an additional 3.6 and 1.2 million dollars each year. Think about what that could buy. And it’s free! Plus the jobs, corporate philanthropy, tax revenues, royalties etc. And that is one pipeline! If Maritimers don’t do it – others countries will, fact is – others are. Look at all of Enbridge’s projects.

But many Maritimers know it’s too late, they have sold their soul to a Federal Government whose mandate excludes fossil fuel development. That is the stated goal of Canada’s Prime Minister, his chief of staff (a hard core environmentalist) and the other environmentalists appointed to chief of staff positions in key ministries and now control the business of government – including who gets how much in handouts. Harper lost all his maritime seats when he announced an increase in the number of weeks Maritimers had to work(local term is ‘stamp collecting’) to qualify for the dole. Maritime politicians know their jobs rely on Federal transfer payments – even if it means remaining the economic shithole of Canada and sending their best and brightest away.

And I don’t see Trudeau granting Maritimers ‘social license’ anytime soon.
commented 2018-01-12 23:10:06 -0500
Well first to those saying Nova Scotians are lazy or on the pokey trail forever it is not true of the vast majority of us here. I sickens me to see those antidotes and have a bit of truth to them. Many many Nova Scotians work in Western Canada not by choice but by our politicians immoral behavoir. I was to the Wheeler Commission meeting on Hydraulic Fracking when it came to my town in Northern Nova Scotia. The Greenies voicing their opinion were stocking the Wheeler Commission from place to place and many of them were Foreigners from Germany and American Draft Doggers from the Vietnam era. It was bizarre that a hundred of these Anti Fossil fuel folk seem to forget that it is indeed fossil fuels they have in the fifty cars they drove from one end of Nova Scotia to another shouting down Pro Natural Gas locals like myself. I frankly would like an Andrew Shear in power and for his to CUT off the wholesale thief from Western Canada. I believe that These Atlantic LIBERAL premiers are want the status quo for another reason. The thousands that fly in for 3 weeks on 2 weeks off in Fort MacMurray from our region have to pay a provincial income tax nto their home province. The fracking industry in Nova Scotia would probably not get to the scales of many plays however something 40 billions in value is better than borrowing it or stealing it from Alberta essentially
commented 2018-01-12 22:47:04 -0500
Well first to those saying Nova Scotians are lazy or on the pokey trail forever it is not true of the vast majority of us here. I sickens me to see those antidotes and have a bit of truth to them. Many many Nova Scotians work in Western Canada not by choice but by our politicians immoral behavoir. I was to the Wheeler Commission meeting on Hydraulic Fracking when it came to my town in Northern Nova Scotia. The Greenies voicing their opinion were stocking the Wheeler Commission from place to place and many of them were Foreigners from Germany and American Draft Doggers from the Vietnam era. It was bizarre that a hundred of these Anti Fossil fuel folk seem to forget that it is indeed fossil fuels they have in the fifty cars they drove from one end of Nova Scotia to another shouting down Pro Natural Gas locals like myself. I frankly would like an Andrew Shear in power and for his to CUT off the wholesale thief from Western Canada. I believe that These Atlantic LIBERAL premiers are want the status quo for another reason. The thousands that fly in for 3 weeks on 2 weeks off in Fort MacMurray from our region have to pay a provincial income tax nto their home province. The fracking industry in Nova Scotia would probably not get to the scales of many plays however something 40 billions in value is better than borrowing it or stealing it from Alberta essentially
commented 2018-01-12 22:21:21 -0500
Libs RMorons, if AB only managed to become independent it would force the entire country to change their f@cking shit attitude or go broke.
commented 2018-01-12 22:07:21 -0500
Nova Scotia has $40 Billions of Natural Gas’ they will not develop; they will however accept Transfer Payments from Alberta & Leave the Fracking to us.
commented 2018-01-12 20:36:49 -0500
In order to understand this , you have to understand Nova Scotians. A coworker of mine is from Yarmouth , Nova Scotia and has lived here in Alberta for almost 20 years. He goes back to Nova Scotia every few years and returns furious each time with his trip. Every time he goes back he finds his friends and family members still doing the pogey dance – working the minimum number of weeks for EI and then off for the rest of the year. They have no motivation to try and work any more than necessary . A few years ago , a cannery closed down and another cannery 20 miles away became busier so it wanted to hire some of the laid off workers. Not a single laid off worker was willing to drive 20 miles each way every day. The cannery ended up bringing in Russian workers .
This mentality goes right to the top . Nova Scotian politicians know that their province is an eternal have not province and will always get Federal welfare above and beyond what it earns.
Their reasoning is " No need to work to buy the cow when the Govt. will give you the milk for free ".
commented 2018-01-12 20:36:15 -0500
In order to understand this , you have to understand Nova Scotians. A coworker of mine is from Yarmouth , Nova Scotia and has lived here in Alberta for almost 20 years. He goes back to Nova Scotia every few years and returns furious each time with his trip. Every time he goes back he finds his friends and family members still doing the pogey dance – working the minimum number of weeks for EI and then off for the rest of the year. They have no motivation to try and work any more than necessary . A few years ago , a cannery closed down and another cannery 20 miles away became busier so it wanted to hire some of the laid off workers. Not a single laid off worker was willing to drive 20 miles each way every day. The cannery ended up bringing in Russian workers .
This mentality goes right to the top . Nova Scotian politicians know that their province is an eternal have not province and will always get Federal welfare above and beyond what it earns.
Their reasoning is " No need to work to buy the cow when the Govt. will give you the milk for free ".
commented 2018-01-12 19:05:27 -0500
These politicians listen to the lies from the greenies. When you drill a well, you drill the surface hole with water based mud, pull out, run in casing (pipe that is screwed together) to 600m or so, well below any water tables by hundreds of meters. Then cement is pumped in to seal up the gaps between the casing and the formation. Then re-enter and drill down further before kicking off at a gradually building angle until horizontal, typically around 2500m true vertical depth. Then pull out, run in casing, cement it, then drill laterally into the target pay zone. Again, pull out, run in casing and cement. Then the fracking is done, way the hell below any water by almost 3km, and release the gas/oil. What the hell is the problem?
commented 2018-01-12 18:46:11 -0500
This is precisely why we need to eliminate equalization and deficit spending. These SJW Morons could not run a koolaid stand without spending other people’s money.