Now that the dust has more-or-less settled on our federal government's legislation on Kyoto, the oil companies are starting to admit that fulfilling the requirements of the international treaty really isn't going to cost them very much after all. In today's Globe and Mail:
|Oops! Scary Kyoto Costs Were Just A Tactic|
CALGARY -- The gloom cast by the Kyoto Protocol over the oil sands has lifted, analysts said yesterday, as the high-emissions megaprojects received their second major vote of confidence this week.
As Suncor Energy Inc. pegged Kyoto-related costs at 20 to 27 cents a barrel of oil and dismissed it as immaterial, analysts said fears the climate change treaty could derail investment are dissipating.
"It does demonstrate that the Kyoto scare is behind the industry, and it's almost back to business as usual," said Wilf Gobert, an analyst with Peters & Co. in Calgary.Obviously the whole show -- particularly Ralph Klein's efforts -- was just a tactic to get the best possible deal for the industries making the noise. We were told that if we ratify Kyoto, it would crush our economy. We were told that Alberta would suffer horribly and unfairly.
Now we're told that we're "back to business as usual." I guess the corporate complainers are happy with the deals they got. Too bad that such deals will make our cost of successfully implementing Kyoto higher, and go against the princples of free-market economics. (For more: see Andrew Coyne's quote in an earlier article of mine)