Decision for the North-West
For more than a year, most stocks in the assets of the American Stock Exchange have been Canadian oil and gas issues.
Inspired by the hope that Canada will soon pipelines in the Pacific Northwest, the only major area, USA, without speculators natural gas prices up. The last week has left the bladder.
U.S. gas, rather than Canadian, decided the Federal Power Commission, will in the Northwest Passage. On the American model Exchange few Canadian issues has fallen by one third and trading was suspended for a time, in Pacific Petroleum Ltd., after 3 ½ points on 7 ¼. The Vancouver Stock Exchange has suffered even more difficult; domestic natural gas fell by $ 2.50 at $ 1.15, Peace River, Natural Gas $ 6.15 at $ 3.75.
The FPC, following a decision of five years had declined battle that the two main contenders. Winner was the Pacific Northwest Pipeline Corp.. Conducted by management Builder Ray fish, plans, execution of a line of 1466 miles of San Juan Basin of Colorado and New Mexico in Bellingham. Washington Fish has a lot of experience. Its fish Engineering Corp. built in the world more than two pipelines: Trans Continental, Texas, New York and Texas and Illinois Chicago serves. It provides for the financing of the new $ 160 million and consistent with the preferred shares and bonds shares from the sale of insurance companies.
Was losing the west coast of transmission Co., Ltd., Calgary, Ont., Led by Canadian Oilman Frank McMahon. He wanted to supply gas to North-West by a passage of 930 miles of pipelines from Canada’s Peace River section in northern Alberta and BC, where its oil Pacific swallows millions a huge new gas. Losers were also the Canadian provinces Alberta and British Columbia BIA, which had hoped for large, the study of new industrial developments along the finish line for gas. Pleuré a provincial cabinet minister: “The situation is catastrophic.”
Penalty for Stalling. But Canada’s western provinces themselves solely responsible. Five years ago, Alberta could have obtained the permission of its gas in the direction of the USA, but he wanted to keep enough gas to supply Canada for the next 50 years, decided that Alberta gas is d First pumping Canadian markets. Not only big box Peace River has been decided that Canada has demonstrated that it had more than enough for its own needs, and an export licence to west coast. Until then. Pacific Northwest has also been with their plans of all pipelines and the USA.
A significant argument in favour of natural gas to the USA. PFC said in its decision, was that consumer interests would not be protected if it “depends entirely from a source quite exclusive delivery outside the control of agencies USA - Another point: States US pipeline development of large sedimentary basins in Colorado, Utah and Wyoming, probably gas.
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