Alberta
Oil Sands – The Latest Canadian Idols
Ah, those Alberta Oil Sands. Not
since Woodward and Bernstein were in their prime
has the digging
of dirt spurred so much fanfare. Fresh off a spot
on “60 Minutes”, the Alberta oil fields – which
have ignited the most ferocious economy in North
America, if not the Western world – are extracting
plenty of another form of black liquid: ink.
Seemingly, every financial page on the continent – from
the New York Times to the Oil & Gas Journal of Texas – has
featured at least one nugget on the oil sands in recent
months. The trend isn’t likely to stop, not after
CBC’s web site reported that “Alberta’s
oil sands will become the most important source of new
oil in the world by 2010,” according to CIBC World
Markets.
The oil fields, which cover an area of close to 77,000
square kilometers, are estimated to have the ability to
yield about 300 billion barrels of oil – roughly
60 billion barrels more than the Saudi Arabia oil reserves
have proven to hold. In these days of near-$1-per-litre
prices, that’s big news.
In the past, the Alberta reserves were not as popular
with investors because the cost to squeeze oil from the
sand was deemed prohibitive. But with prices for Middle
East crude hitting new highs each year, Canada’s
black gold has found fortune – and an increasing
amount of fame.
New
Prime Minister with Old Battles to Fight
Rarely has an elected leader entered a nation’s top
seat with as little room to manoeuvre as Stephen Harper,
the new Canadian prime minister. Harper will carry a minority
government into parliament and that word – “minority” – fits.
The Calgary-based Conservative will have ideological battles
from all sides.
Harper and his contingent of 124 Conservatives lean to
the right while the ousted Liberals (103 seats), now the
official opposition, and the further-left-leaning NDP
combine for 132 seats. Then there’s the Bloc Quebecois
(51 seats), which also moves left but may be willing to
twist in any manner of directions if the strategy means
inching closer to sovereignty. Yet, if Harper courts the
Bloc, he will open himself to criticism he’s aiding
a separation movement. Of course, if he does nothing to
push the agenda of his Conservative base, he will teeter
toward losing support.
And, then there are the provinces.
“Ontario will not support any effort that would
weaken our country. Our purpose remains constant — we
want a strong Ontario and a strong Canada,” Ontario’s
Liberal premier Dalton McGuinty told reporters at Queen’s
Park the day after the federal election. McGuinty, who
encouraged the Prime Minister-designate to get to know
Canada’s most populous province, was referring to
Harper’s quarrels with the Kyoto accord.
Minority governments in Canada historically have lasted
about 18 months. Considering the precarious position of
Harper’s Conservatives, Canadians might expect to
be back at the polls to decide a leader months before
the Americans elect a new president.
Private
Clinics to Open in Ontario
According to numerous polls of Canadians, the top
priority heading into the federal election was health
care. While all of the candidates pontificated on
potential solutions, one company has stoked the debate
by announcing it will open three private clinics this
year in three Ontario cities – Toronto, Ottawa
and London. Copeman Healthcare will have legal battles
and likely hefty fines to pay, but company president
Don Copeman said his plans are firm and the clinics,
which will offer a similar range of medical services
as the public health system without the long wait
times, will go forward.
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