Keystone Aftermath Arrives: Canada Pledges To Sell Oil To Asia, As US Becomes Source Of “Uncertainty”


Keystone Aftermath Arrives: Canada Pledges To Sell Oil To Asia, As US Becomes Source Of “Uncertainty”

Zero Hedge

Thursday, January 19, 2012

America’s loss is China’s gain. In the aftermath of the Keystone XL fiasco, which will see not only a number of jobs “uncreated” but a natural source of crude lost, Canada is already planning next steps. Which will benefit Shanghai directly and immediately. As Bloomberg reports, “Prime Minister Stephen Harper, in a telephone call yesterday, told Obama “Canada will continue to work to diversify its energy exports,” according to details provided by Harper’s office. Canadian Natural Resource Minister Joe Oliver said relying less on the U.S. would help strengthen the country’s “financial security.” The “decision by the Obama administration underlines the importance of diversifying and expanding our markets, including the growing Asian market,” Oliver told reporters in Ottawa.” Ironically, it is diversifying awayfrom the US, with its ever soaring, politically-predicated uncertainty, that is a source of stability and diversification. But it is not only crude. Wonder why no jobs are being created? Wonder why despite record low mortgage rates there is no bottom in sight for housing? Simple – nobody can plan one month, let alone one year ahead for any US-based venture or business. The political risk is simply too great – whether it is contract law (see GM and Chrysler) or simple solvency (see record high levels of cash hoarded by companies), it is there, and as long as it is there, there will be no hiring, no capex spending, no growth, and no real improvement in the economy, the real economy, not that defined by where the Russell 2000 closes on any given day.

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About partisanrangershow

Freedom fighter
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2 Responses to Keystone Aftermath Arrives: Canada Pledges To Sell Oil To Asia, As US Becomes Source Of “Uncertainty”

  1. cromwellshead says:

    Harper is an interesting fellow. At one level he seems to want to take Canada in one direction. At another his strings are pulled by corporate interest. Frankly it suits Washington’s agenda for home consumption, ” look at the security situation, even our neighbours say things are bad”.

  2. gideon says:

    Apparently Mr. Obama didn’t get the memo on the “NAU”.

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