00:00:30.760But because the fact that we have LNG in our own country, and you would know that having worked in the energy industry for many years, what do you take from that?
00:00:40.840To be blunt, I think it's a bit bizarre that we can't get our act together and properly.
00:00:46.100If climate change is a concern, which is why we don't want to build a pipeline, then why are we bringing ships from the other side of the world burning?
00:00:54.760Anyway, the nonsense in terms of the decision not to have a pipeline, not to, for example, you could drill in a place called Quebec and produce natural gas.
00:01:07.060But they've got their minds wrapped around that.
00:01:09.360I mean, and also to make a bit of fun of this, we bring 5 million tons of metallurgical coal in from the United States.
00:01:16.380Well, in the West Coast of Canada, we're producing 30 million tons a year that we ship to India and China and Japan and North Korea or South Korea, probably.
00:01:26.580But, you know, we just don't have ourselves very well organized in terms of the cross Canada.
00:01:43.420But it doesn't make any environmental sense either.
00:01:46.660I mean, if you're bringing LNG from, you know, 25,000 kilometers away, I mean, Alberta is 4,000 kilometers from that docking facility in St. John, New Brunswick.
00:02:02.100I mean, how does the left justify it from that vantage point?
00:02:05.220The only argument that a friend of mine thought might be logical is that the LNG project in Australia had surplus capacity and we bought the natural gas for next to nothing.
00:02:19.480But that didn't stop it from being shipped, didn't stop it from being the cost of shipping and the environmental impact of all those things.
00:02:48.780It's a huge improvement over where we were.
00:02:52.040Remember, the Keystone XL and the other pipeline to the north, each of the proponents spent $800 to $1 billion trying to advance the projects.
00:03:03.420And then died at the, at the, at the, at the planning stage.
00:03:06.540And so the argument that there isn't a, isn't a builder proposing to move forward is logical.
00:03:13.420I mean, that's why Carney and Smith said, let's try and get all of the regulatory issues out of the way.
00:03:19.320And then we'll bring in someone who builds pipelines to actually build the pipeline.
00:03:24.020So I'm a fan of the MOU for that reason.
00:03:26.280Now, the problem with Carney is talk is cheap.
00:03:31.300And so there's a gap between talk and action.
00:03:33.740And that's, that's what we're waiting on.
00:03:35.460But the other thing not to be lost on, on our nation is that the MOU also destroyed the noise that had been created by Gibault in the clean energy regulations and other things.
00:03:47.900The fact that Gibault resigned that day speaks volumes for the thoughtfulness of Carney attempting to move this forward.
00:03:54.520And of course, with, to be blunt, with the, the clean energy regulations disappearing, we're now amplifying data centers and power plants in Alberta, nowhere else, but in Alberta.
00:04:06.780And the carbon tax is supposed to go way up though, isn't it?
00:04:10.580I mean, with a 600% or I forget what the number is.
00:04:13.840Well, 117 to 170, there's, I mean, there's different numbers.
00:04:17.420We've had an industrial carbon tax in Alberta for 25 years.
00:04:21.500I've been in the power of business for, well, 20 years.
00:04:25.160So we've been paying an industrial carbon tax.
00:04:27.860The question is, how do we allocate the cost of that carbon tax?
00:04:31.640And of course, it goes back to customers.
00:04:33.700And there's some, some, somehow a belief sometimes in some of the political parties, the liberal party,
00:04:38.340that if the corporation pays the carbon tax, the consumer doesn't.
00:04:48.540And you would certainly be an expert in that field.
00:04:51.740What if there aren't the kind of investors that you need in order to make a project like this move forward because of the regulatory issues and the history that we have of frankly, discouraging investment in the sector?
00:05:05.220Well, remember TMX was scheduled to cost $7 billion, ended up coming in $33, $35 billion.
00:05:13.560And that was because Green and First Nation and other groups along the way all put their fists up and slowed the process down.
00:05:22.080And that's where the costs just exploded.
00:05:24.280You know, I know Ian Anderson, the guy who was building TMX before it was sold and his frustration with the bureaucratic processes of provincial, municipal, and federal were, were massive.
00:06:17.700One of our projects it's 55% owned by first nations that my Yukon partners want to invest in Prince Rupert.
00:06:26.960That's my first nation Yukon partners investing in Prince Rupert because they believe in the future of developing that place.
00:06:34.520Why would that be what's because the first nations that are local ignore that concept of the coastal first nations, which is an immoral, unethical U S funded, um, green group.
00:06:47.000They're bribing the local first nations.
00:06:49.080I'll say that publicly and I'll defend that.
00:06:51.760Um, but no, the noise that's being created by first nations, um, is purely tied to economics.
00:06:58.340They want, they want to be paid properly and that's fair.
00:07:01.820Uh, Premier Eby has been adamant about opposing a pipeline to the west coast.
00:07:10.400And, you know, the prime minister has been clear that he's not going to override the views and they're strong in British Columbia, that he's not going to override those views.
00:07:23.540In other words, it was not going to push through a pipeline over the opposition of, uh, Premier Eby and to what degree is that a problem?
00:07:33.440It's going to take five years to get this organized.
00:07:35.720And I can almost guarantee you that Eby will be gone.
00:08:19.340The BC people in BC I'm heavily invested in, well, soon Ruth, Prince Rupert heavily invested in, uh, Kelowna and other areas, you know, they're unhappy.
00:08:29.360I don't know anyone who wants to actively invest in British Columbia under Eby and again, the first nation rights in terms of real estate.
00:08:38.000There's a lot of confusion that's got to get solved.
00:08:41.080Well, there's the issue of the tanker ban, of course, and decarbonization.
00:11:53.600So what degree is that going to sway the people of Alberta who are frankly fed up with the federal government's intransigence on the resource issue?
00:12:05.380Well, certainly, I mean, it started with Trudeau, dad, Papa Trudeau in 1982.
00:12:10.920I still remember buying a house in Calgary for a hundred thousand dollars, spending 20, renovating it, selling it for 70, less than the mortgage.
00:12:54.160Well, then let's build a moat 20 feet wide, 10 feet deep.
00:12:57.300How are, I mean, physically we're not separating.
00:13:00.060We're only changing the business deals and it's paperwork and trying to think about how we could amplify the value of Alberta with this concept of separation.
00:13:12.880I don't think it's being thoughtful, thoughtfully organized or done.
00:13:16.520And it hasn't really been talked through.
00:13:18.100I happen to be a fan, by the way, of guess, why not get Alberta, Saskatchewan, Manitoba, BC, and the two Northwest territories in the Yukon to work collaboratively.
00:13:29.340We can do anything we want without worrying about what Quebec says.
00:13:34.500And frankly, Ford doesn't like Crown Royal to hell with him too.
00:13:38.040I mean, we just don't need Ontario and Quebec the way it's described.
00:13:42.380Now, the other thing is equalization has to be solved and you know, what's Alberta looking for or what Quebec has our own independent police force, our own independent pension fund.
00:13:53.100And there's people playing with the numbers, but again, we'll look at the economics, look at what's right.
00:13:57.720And then quite frankly, frankly, if Quebec were to increase its cost of electricity to its own consumers by four cents, which brings it still under the Canadian average, the equalization payments fall in half.
00:14:16.200And that's where they've got a very distorted perspective, delusional to be blunt, in terms of their value to Canada when they won't collaborate with the rest of the country.
00:14:27.580And that's why I keep emphasizing if Western Canada, again, Alberta, Saskatchewan, BC, and Manitoba, I mean, Wab Canu, I'm not convinced of his business knowledge and EB's got to go.
00:14:38.720So, but again, once we get all of this organized, look what we can do.
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