00:03:03.360But at any rate, the point was that in order for the oil to be acceptable,
00:03:07.700They were going to have to bury, pump down through the strata to a deep well, all the carbon dioxide that it took to produce that oil, or an equivalent amount.
00:03:22.220It does absolutely nothing for anybody, and yet that was the deal.
00:03:57.280Well, realistically, they're talking about the Pathways Alliance companies, but there's, again, no set actual person.
00:04:03.960But they say the government's going to probably pay for it, which means you and me, the taxpayer, because, again, there's no private proponent yet, as far as we know of.
00:04:12.160Well, even a private proponent is going to face this issue.
00:04:17.760Where is the market for decarbonized oil?
00:04:21.220I mean, Canada, apparently, at least in Western Canada, not in Eastern Canada, but in Western Canada, it's very important that we have the oil that is clean.
00:04:37.360Well, are there countries elsewhere in the world where they're saying, you know, if only we could get ethical oil, that's what we would buy.
00:04:46.320And, you know, we'd be prepared to pay more for it.
00:04:50.460I can't think of a single one, to be honest with you, Nigel, because realistically speaking, when's economics ever actually cared about ethics?
00:04:56.060If someone could find a cheaper alternative or option, they always go for it.
00:04:59.340That's why there's talk now about the Americans possibly having a regime change or bring about a regime change in Venezuela to have maybe a cheaper source of heavy crude oil going forward.
00:05:07.840So instead of maybe like Albertan oil going down to the Gulf Coast refineries, they might get some now from Venezuela and possibly shut us up.
00:05:13.960But again, that's depending on whether or not what happens in Venezuela in the next couple of days.
00:05:17.520But back to your question in terms of decarbonized oil, there's not too many people that are, there's not really a big global demand for it per se right now.
00:05:25.160The Asian markets are just looking for whatever they can get, especially China and Japan.
00:05:28.840And so if there is any time for it, there isn't really, no.
00:05:31.180So I think it's just basically just kind of the green agenda, green climate agenda again from the feds.
00:05:35.680And there's really no substance to it.
00:05:37.040And there's really no customers for it going forward as far as I can tell.
00:05:39.540Are any other countries even interested anymore in the green agenda?
00:05:47.380We've just come off COP30 in Brazil, a conference of the parties,
00:05:51.620and it's all about saving the world and cutting the carbon dioxide,
00:05:57.040but I don't see any of that being reenacted in the home runs.
00:06:00.940Well, there isn't because some of the biggest proponents were the European Union.
00:06:04.380I remember Germany, Finland, Sweden, they're all going away from that.
00:06:07.480Now, I remember Germany was trying to go clean energy quite a few years ago, and that didn't work, so they started going back to coal plants and whatnot.
00:06:13.340So I don't really think there is going forward.
00:06:20.960I'm not an energy economist, and I, therefore, am not going to be bold enough to say how much more it's going to add to the cost of a barrel of oil to pump this carbon underground.
00:06:35.080but it's going to be more so it's going to be uncompetitive now presently we don't have a
00:06:41.860pipeline proponent strictly speaking the prep the person who owns the pipeline is not the one who's
00:06:48.640going to be paying this anyway but i have a feeling that the demand might not be that great
00:06:55.260in which case where is the pipeline proponent coming from have you any is any idea about people
00:07:03.300waiting in the wings well that's the thing we haven't really heard any rumors about it i mean
00:07:08.140they've well i can't even actually say there is any rumors because i haven't heard anything from
00:07:12.300any sources saying that there's empty discussions there's been no pipeline companies any major
00:07:16.820companies in canada and quite frankly why would there be at this time because look what happened
00:07:20.400with trans mountain prices kept going up and up and up and yesterday at um the uh insura did their
00:07:25.200state of industry lunch there was a bunch of oil and gas industry experts there and they were
00:07:29.560basically saying no company has a blank check at the moment just to throw money into this pipeline
00:07:33.660unless they have actual assurances going for it because they don't really know what regulations
00:07:37.780they talked about the tanker ban getting repealed that's not going to happen apparently according
00:07:41.600to today there's going to be some modifications which we have no idea what those will be at
00:07:45.500carney didn't really specify now that danielle smith so we don't exactly know see that's one
00:07:49.960of the things about this whole days of speeches and press releases but you use words like
00:07:56.660modifications and we spring to the conclusion well obviously you know i mean stands the reason the
00:08:03.700modification must be that you're going to let tankers come in perhaps to a certain part of the
00:08:09.220coast where the refinery is or where they where the uh the end of the pipeline is but nobody said
00:08:17.700that we just assume that no there's no actual route set either because this morning in a briefing
00:08:22.820some senior government officials said that they were still working on what the route was even
00:08:26.340even going to be from alberta to the coast so they don't even have that planned out yet they're still
00:08:30.000working on that and according to them as well i believe that there is going to be a date a deadline
00:08:35.580of april 1st or no july 1st sorry next year that they have to have the pipeline application sent
00:08:41.500into the major projects office so we have no idea what will happen if they fail to meet that deadline
00:08:46.840because again nothing's set in stone yet so it's just all still up in the air really well that that
00:08:52.700But that makes you stop to ask why are we doing this?
00:10:11.260And originally it was going to be for Grey Cup weekend.
00:10:13.140That got pushed back, and now we finally have something.
00:10:15.580But it's, well, realistically, it's a bit much ado about nothing, a lot of it, because there's no real set things in stone and concrete, really, for the most part, except the fact that there's going to be all the clean electricity regulations are getting taken off, no emissions cap, but that's about it.
00:10:30.060In terms of actual pipeline, don't totally know.
00:10:32.360Well, okay. So Mr. Carney wants, as you put it, to get Daniel Smith off his back. I can see why that would be a win for him to go back and say, well, we have this memorandum of understanding.
00:10:50.000It's only a memorandum of understanding, folks.
00:15:20.300I think they were just putting that out to see what your reaction would be, but who knows?
00:15:24.260I have a feeling that we've had this discussion within the last three months.
00:15:29.780It is not the first time, of course, that Mr. Phoebe has declared his opposition to a pipeline, and at the time, I think, the new energy minister, Hudson, said something along the lines of, well, you know, you guys in Alberta are just going to have to work it out with B.C.
00:15:47.820we're not and yet when when there's something that the federal government wants to contradict
00:15:55.180the constitution on that involves alberta they assert all kinds of powers that don't actually
00:16:00.860exist and then the premier of alberta says well they're they're driving in our lane and we have
00:16:06.140that discussion but when it's bc is that they is it the perhaps the slender majority with which he
00:16:15.020He is working, and he's worried about the loyalty of those liberal MPs who are far too precious to burn fuel to make carbon dioxide and walk everywhere and take the train to Ottawa.
00:16:33.960I don't know, I'm being a little facetious here, but there's something that makes Ottawa, more particularly, the Liberal government, slow to be forceful with British Columbia and Quebec, but quite ready to put the boots to Alberta.
00:16:53.760I would definitely say that's the case, absolutely.
00:16:55.860So what do you make of the fact that Mr. Ford, Premier of Ontario, has weighed in on Alberta's side, so this is great, we need to do this?
00:17:03.960Well, I think he's basically just speaking for the vast majority of Canadians because there's been polls that have come out recently that say, I think it's just over 70% or more of Canadians are actually in favor of a pipeline to the West Coast because people basically just want a better economy.
00:17:27.120I think they are all for business, and I don't really see at this stage of the game, with the economy just around the world and the geopolitical situation that's going on just in general around the globe,
00:17:35.640white people wouldn't want more jobs and a better economy overall.
00:17:43.520I just wonder why that perfect sense is so hard to hear coming from the central government, from the federal government.
00:17:52.900uh the the you know i i was very struck and i think i mentioned this in my column on the matter
00:18:00.160this morning that uh mr carney wants to make canada an energy superpower said that many a time
00:18:07.480and yet do energy super do you make an energy superpower by sticking the taxpayers with the
00:18:16.940cost no and furthermore in what sense is canada not an energy superpower already 97 i checking
00:18:27.100the numbers this morning 97 of the oil produced in canada comes out of alberta wells yeah or out
00:18:33.580of the oil sands all right we are apparently the fourth largest producer of oil in the world
00:18:41.660Now, I don't know whether that's enough to make us a superpower, but it's certainly a power.
00:18:48.160And yet, somehow or other, because we have this ridiculous commitment to doing it all without generating carbon dioxide, we're holding ourselves back.
00:19:01.060Lift the lid, and we could increase oil production by 50% by 2030, I'm told.
00:20:03.720Trudeau would have never signed on to this.
00:20:05.540So Carney's at least actually open to talking about this.
00:20:08.480So there is them that will probably back her.
00:20:11.020But I do know that a lot of the people from the Alberta independence movement, like the Alberta Prosperity Project and that, they think this whole thing is basically just a waste of time and this isn't going to change anything.
00:20:20.800And I know that a bunch of them are going to be there on the weekend, so we might have a little butting heads and whatnot, I think, in Edmonton between those two groups going forward over what happened at the Memorandum of Understanding today.
00:20:30.280David, you're going to be there, aren't you?