The Keystone XL pipeline is nearly dead now.Canada will be building the pipeline east from Alberta to St.Johns deepwater port to send it to the Irving oil refinery and to refineries in India. The truth has been revealed concerning the reasons of why the GOP wanted it so bad.
Each barrel of heavy Canadian crude the U.S. would buy from the world market had a discount of $43 a barrel that would be assessed from the Canadians for running the pipeline thru the U.S.This is costing them $20 billion a year. This amount of money isn't used for bringing the cost of gasoline down for American consumers as gas prices are based on the cost of crude for the international marketplace. Just more pure profit for the U.S. oil syndicate. And with the cost of crude oil dropping because of a surplus, the potential for loss could be even more severe.
The cost for the new route of the 2885 miles of pipeline is $10.1 billion. There's close to a third of the pipeline already done with leftover energy permits in place. An estimated date for completion is in 2018. Bloomberg News listed the particulars of the highway robbery being done by U.S. oil barons.
It's being portrayed that the Canadian Prime Minister was mad because the Keystone was being held up over environmental issues. But when you think about it, the new route staying in Canada will be paid for in around 1/2 year with the amount that they are losing now with them basically subsidizing their own crude. Also the unemployment rate in Quebec in many places is at 9%. So many of the workers at the tar sand mines have been commuting from Quebec.
The developers have over a million acres of the Boreal forest under lease for the oil. Canada has many years to go for production to run at a good clip. To me, this has the appearance of a backroom deal so as not to cause a crisis getting help to work around the bad deal that was in place with the U.S.already.
Right now there's 9 other countries with active tar sand mines. There's also 70 countries around the world that has tar sand deposits that have been identified for future exploitation. Just in the U.S. alone, there's 1.1 million active gas/oil wells. Also there's 82,000 active fracking oil/gas wells. Also another 14 countries have many thousands of gas/oil fracking wells.
So in a nutshell, by necessity there will have to be many new markets opened for all of these fossil fuels to be sold or continually watch as the prices of crude oil and natural gas keep dropping. With many of these deposits of fossil fuels being found in impoverished countries, their leaders are not going to be able to wait to access their new found source of money.
There will be many troubled geopolitical situations come from this on countries that has been relying too heavily on oil reserves to finance the running of their nation. It will be especially hard on countries like Russia & Iran that also have economic sanctions against them. So my biggest worry is what type of world are we leaving to our children and grandchildren and theirs in turn. In 2013 we passed a level of CO2 in our atmosphere that's higher than any level in earths history.
The fossil fuels from tar sand mines is a double dose of bad greenhouse gasses. We lose the sequestration of CO2 in large amounts from the destruction of these old growth forests. Also large amounts of CO2 are being released into our atmosphere that were previously locked into the soil.
The bitumen aka tar sand has a high carbon content as well. We also have 82,000 gas/oil fracking wells that are active putting out methane from wellheads and seepage into underground water supplies and from the ground in surrounding areas. So just how much worse is it going to become in our children and grandchildrens lives.
The global average temperature has set new record highs for years. The sea ice has been melting and getting thinner. Storms have been growing in size and strength, droughts intensifying and sea levels rising. Strange changes are also happening in places you would never expect.
There's sporadic greening in deserts around the world. So when you see or hear people who deny that our climate is changing, it makes you wonder if they are just lying to you and others, or are they lying to themselves as well. Find out more from this excellent article from Bloomberg News.
http://www.bloomberg.com/...