CEO John Babic says Canadian oil and gas services firm was trying to ride out a slowdown in spending in a struggling industry, but his lender ran out of patience.
Long-delayed project to bring more of Western Canada’s oil to market gets under way, slated for completion in 2022.
Law effectively confines future west coast oil shipments to the Port of Vancouver. Alberta’s premier plans legal challenges, saying it hurts the province’s oil sands.
Transport committee recommends against passage of bill C-48, which would effectively bar crude shipments from ports north of Vancouver.
Ken Husband drove a tanker truck 2,000 miles from Alberta to the Canadian capital, Ottawa, because he says the Trudeau government is hurting the oil industry. “What’s this country going to live on, apples and maple syrup?” he says.
Rails may need to raise rates to comply with new rules from Washington.
We see falling demand for oil, lumber, and wheat out of Canada in the future due to a combination of market forces. Canadian Pacific Railroad appears to be especially exposed to this freight recession.
