This past Monday, China has launched its new oil and gas pipeline group. This group consists of multiple assets combined into one group with a net worth of between 80 – 105 Billion USD. This has been a plan of China for years, but according to reports, it was just approved this past year.
On Tuesday, December 3rd, Trans Mountain pipeline expansion project began at Acheson, Alberta. The controversial expansion started two weeks before a federal court of appeal is set to hold hearings on challenges to the project. The expansion would more than double the oil flow from oil-rich Alberta to British Columbia, and potentially from there to export markets in Asia. But British Columbia’s government has been a vocal opponent of the pipeline in bitter disputes with neighboring Alberta. One of those issues being, overall emissions in Alberta rose by 23% between 2005 to 2017 while the emissions per barrel of oil fell by 28% between 2000 and 2017. While there is more oil production than 20 years ago, Alberta’s economy has reliance on the oil industry.
After many scattered rumors, today brought the official news of yet another major trucking outfit closing their doors. Celadon Group, the owners of about 3,300 tractors and 10,000 trailers announced that they would be filing for Chapter 11 Bankruptcy Protection. This brings an immediate end to the 34 year run of the Indianapolis, Indiana trucking firm. More importantly, the news of Celadon’s closure will put nearly 4,000 employees out of work.