Oil price differentials, not emissions, the key to Keystone

[FarCenter]

James Hansen, NASA’s lead climate scientist, says if TransCanada Pipeline’s Keystone XL mega-project connecting Alberta tar sands producers to Gulf Coast refineries is approved, it is game over for the planet.

It certainly won’t be game over for Alberta’s oil patch or the thousands of North American steel workers who will build the massive pipeline. And I rather doubt it will be game over for the planet. If Mr. Hansen is worried about emissions growth, he just has to look at where the global economy is heading these days.

Lest Mr. Hansen forget, recessions are good for emission reduction. In fact, they’re the best things for them. The deeper the recession, the better it is for the atmosphere.

When the former Soviet Union crumbled and the Russian economy de-industrialized and shrank, its emissions fell by a staggering 30 per cent - and emission reduction wasn’t even a goal of the Russian government. As well, the emission reduction during the recent U.S. recession was greater than what would have been mandated by the now defunct Waxman-Markey Climate Change Bill.

http://www.theglobeandmail.com/report-on-business/commentary/jeff-rubins-smaller-world/oil-price-differentials-not-emissions-the-key-to-keystone/article2146947/

"It's the economy, stupid."