Multi National Oil Cos (Exon, Chevron, etc) have been on a tear since January 4. They are awash in cash, and are not investing in exploration in North America.
There is a big find off the coast of Guyana / St. Kitz where outfits like Total are investing. Likely because there are no screaming environmentalists whip sawing the local Governments against the Oil Cos. Big Oil is not investing in the US or Canada. No one can blame them for that.
Meanwhile, Biden is very worried about Russia who has not increase production and supply of Natural Gas to Europe, and the price of oil keeps going up because the supply continues to be consumed without efforts to replace in Russia and the Middle East. The US driving public will be screaming as the price goes up, as will all the home owners that see their heating costs go up.
I am not complaining as obviously I am in a mutual fund heavily concentrated in Multi National Oil Cos.
BUT WOULDN'T IT BE NICE if Trudeau would take steps to bring back the big Oil Cos to Alberta to finish off all the projects that were shelved in 2015 - 2016?
Cenovus alone has 3 projects where billions were spent that they have left unfinished. Shell has Carmden Creek by Peace River where 2 Billion spent was walked away from. No oil has been produced from any of these unfinished projects. No royalties or tax revenue is being received by Alberta or Canada either. The Green Energy movement is not paying any taxes to make up the shortfall.
The list goes on and on for lost potential for Alberta, because the Environmentalists have hijacked Ottawa and the Liberals have been complicit with a ridiculous Carbon Tax that makes no difference to Global CO2 emissions.
Expect 2022 to be a great year for the energy sector on the Stock Markets. All the posturing from the Environmentalists against the Oil Industry will mean nothing when the companies keep piling up the cash and not investing in the mega projects.
Drewski
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