The risk is real. And thus the threat may be an effective strategy.
An employer and exporter like Irving Oil, if they scaled back or sold their Atlantic Canadian operations, can’t be replaced. New Brunswick would be devastated. Even if the refinery continued operating for a while under new ownership, head office jobs would likely move elsewhere, and the new owner would face the same compliance costs and may decide to scale back.Article content
Shutting down oil and gas production does need to happen at some point in the future, in the name of halting the worst effects of climate change — raging wildfires, anyone? — and in recognition of that, whatever we think about Peak Oil, it’s going to run out some day. Few countries are taking the “virtuous” industrial policy route like Justin Trudeau’s activist federal government. Canada is becoming a place where nobody invests anymore unless they get a major cash payment from the government.
The solution isn’t necessarily to bow to business demands when they make threats. Instead, the solution is to make good policy.
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Irving Oil reviewing strategic options including saleIrving Oil Ltd. says a strategic review of the company is underway and that could include a possible sale. Find out more.
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Irving Oil considers selling business, company launches strategic review | Globalnews.caIrving Oil says a strategic review of the company is underway and that it is looking at a series of options about its future, including a possible sale of the business.
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Irving Oil launches strategic review, includes possible sale - BNN BloombergIrving Oil Ltd., the operator of Canada’s largest crude refinery, is reviewing strategic options that may include putting billions of dollars worth of key North American refining and fuel-distribution assets up for sale.
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