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Gold/Mining/Energy : Big Dog's Boom Boom Room

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From: Kayaker	1/2/2009 2:25:48 PM
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[Canada's] Enthusiasm for Obama likely to wane once policies are clear Globe and Mail Update January 2, 2009 at 6:18 AM EST ....Energy seen as our bargaining chip Canada sees its vast energy resources as a hefty bargaining chip in dealing with the United States. We are their largest source of foreign energy imports, which include not only Canadian oil and gas, but also hydroelectric power and uranium. They need us, or so the thinking goes, and that strengthens our hand in bilateral negotiations. But exports from the oil sands in Alberta are already controversial and likely to become more so. Some Obama advisers have condemned them as “dirty oil,” and Mr. Obama himself has said the U.S. needs to reduce its dependence on such fuel. A new U.S. law that seems to rule out U.S. government purchases of oil sands crude, could well be the first of many. There is not much solace for oil sands exporters in the choice of Steven Chu as energy secretary designate. He is a proponent of solar energy, biofuels and curbs on emissions that warm the earth. Even more alarming from the point of view of Alberta, is that Henry Waxman, a California Democrat who has battled against expansion of the oil sands, will be chairman of the influential House Energy and Commerce committee in the new Congress. Canada is already fighting an uphill battle to defend oil sands exports. Counting on the U.S. need for energy to trump environmental concerns may well be wishful thinking.... business.theglobeandmail.com

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