Five things you should know before starting your work day on April 20

Good morning, everyone! As oil is leading the news cycle at the moment, let’s take a quick look at a previous headliner: Deepwater Horizon exploded in the Gulf of Mexico eight years ago today, killing 11 and going down in history as the worst marine oil spill to date. BP pleaded guilty to 11 counts of manslaughter, two misdemeanors and a felony count of lying to Congress. In 2015, BP agreed to pay US$18.7 billion in fines, the largest corporate settlement in U.S. history. In addition, industries along the Gulf shores were hit hard; fishing, tourism, and other drilling operations lost billions of dollars of revenue. And on that note, back to Canadian soil:

BEYOND B.C.

The oil patch is fretting over the “unintended consequences” of Alberta’s new power to cut B.C. oil shipments, Geoffrey Morgan writes. Bill 12 “has a lot of power to it. In the wrong hands, that could be a very dangerous piece of legislation,” Canadian Energy Pipelines Association CEO Chris Bloomer said of the law that allows Alberta to cut off oil, natural gas and refined fuel exports. Perhaps the one thing oil executives agree on with the Alberta Energy Minister is her statement that she hopes “we never have to execute on this.” 

HELP WANTED

A huge job opportunity has come in on the coattails of the flourishing tech industry in Canada. It’s a very specialized niche for which you have to have a triple skill set — but no engineering degree. That’s so rare that seven out of 10 high-growth tech companies here struggle to obtain such talent, Ryan Holmes says, noting that this high-paying job is the second-most in demand in Canada. And the solution is in our own backyard.

DUTY CALLS

It’s not just beer, Terence Corcoran writes, saying any goods could get snared under the Supreme Court’s protectionist ruling. The decision ends any hope Canada will ever have legal protection of internal free trade, like real nations such as Australia and the U.S. have. Block that pipeline, stop that oil shipment, seize that beer. 

SUPPLY CUTS ALL ‘ROUND

Commodities went on a crazy ride yesterday after talk of $100 oil. A morning surge came on a Reuters report that Saudi Arabia would be happy for crude to hit US$80 or even US$100, a sign Riyadh won’t go after changes to a supply-cutting deal. That news combined with fears that sanctions on Russia could hit supplies of other commodities. Nickel rose almost 10 per cent and aluminum almost eight per cent, then dove. An OPEC ministerial monitoring panel is to gather today in Saudi Arabia so we’ll watch what comes out of that.

CARBON COPY

Alberta’s now copying Ontario’s disastrous electricity policies, Kevin Libin writes. A new report finds that the thrills and spills that follow when politicians meddle in a boring but well-functioning electricity market are heading west. It could play out like this, Libin says: A “progressive” government sets out to redesign an electricity grid meant to provide affordable, reliable power into a showpiece of uncompetitive solar and wind power. Albertans have reason to fear, as Ontarians have faced rates up to four times higher than theirs. Even if the plan doesn’t look exactly like Ontario’s, it can still go very wrong.