C-48 Passes (49-46)Knew this one was going through. Just like we knew TMX was going through. A few positives I see here though...
- It barely passed. This is good news for C-69 which has more support for the senate’s amended version. Recall C-48’s shutdown recommendation from the transportation committee were voted down by the senate. The ammended C-69 got voted through the senate and it looks like the libs barely could get C-48 through...
- C-48 actually doesn’t really impact any pipelines that would actually go through in the next 6 years. (No northern gateway revival but obviously we just need tmx and one of the two heading south)
- In the mean time, C-48 can now be challenged in federal court. Which I’m sure Alberta will launch immediately. There are many parallels between BC’s reference case (that got a crushed by 5/5 federal judges in BC) and C-48. The bill discriminates against a single province’s product and is not implemented fairly across Canada or in consideration of oil tankers that go up the st Lawrence or Alaskan crude that travels through C-48’s northern bc coast.
I’m hoping for a buying opportunity here if anyone panicks. This one should’ve been priced in and actually doesn’t have a real financial impact on the company. GLTA