“First of all, devastation, and a concern that our country is putting itself in a position where we can’t get anything built anymore,” McLeod told CFJC Today.
“We’re putting in a request for an emergency debate and we look forward to seeing what the response is. But we’ve hit a crisis point,” McLeod continued. “My biggest issue is, it doesn’t seem to matter what the project is, what the process is — the current government is listening to the activists and, even when they’re in a minority, they’re shutting things down.”
In his letter to Wilkinson, Lindsay cited the desire by companies to invest in countries who have reconciled their positions on resource extraction and climate change.
“I thought that was a very unusual statement,” said McLeod. “We have high standards. We’ve moved incredibly in terms of where Alberta’s gone and the amount of carbon emissions [generated by] the oilsands. According to them, that was part of their rationale. It doesn’t make sense.”
Teck’s decision comes amidst ongoing protests against the Coastal GasLink natural gas pipeline proposed to run through Wet’suwet’en traditional territory in northern B.C. McLeod believes it has more to do with the company reading “the tea leaves.”
“It’s very suspicious timing,” McLeod said. “We look at what’s happening in the broader public. We look at demonstrations happening today. We look at Liberal members of government taking ads out against this particular project. Any company would have looked to get the decision and then, if prices aren’t right, they would then make a business decision. But this is a very dramatic decision.”
Wilkinson and Natural Resources Minister Seamus O’Regan released a joint statement in response to Teck’s move.
“Important parts of Canada’s economy have been built on our natural resource sector and the workers across the country who have powered it for generations,” the statement read. “Our government is committed to developing our natural resources sustainably and to creating good, middle class jobs. A strong economy and clean environment must go hand in hand.”
According to McLeod, that strikes a different tone than the minority Liberal government’s members have been giving off.
“I look at the statement by the minister of natural resources and, quite frankly, that was not the message we were hearing from Liberal MP after Liberal MP, that they did not want this project to go forward,” said McLeod.
“They haven’t sat at the table for ten years and then, all of the sudden, pulled it in the last four days for no reason.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
