Growing number of forecasts predict oil will reach $100 US this fall | CBC News: A growing number of forecasts are calling for the return of $100 US oil before the end of the year — a prospect that could put even more pressure on consumers and make it harder for central bankers to rein in inflation.

North American benchmark crude West Texas Intermediate (WTI) has surged 30 per cent since June 1 and is hovering this week around $90 US per barrel, its highest point since November of last year. Global benchmark Brent crude was trading higher than $93 US on Wednesday.

In recent days, a number of analysts have revised their forecasts with the view that triple-digit oil prices may now be in the cards for this fall. Bank of America, Citigroup and Goldman Sachs are now all predicting $100 US Brent crude prices before 2024, as is Chevron CEO Mike Wirth, according to a Bloomberg report.

“We’re chewing on this right now,” said Andrew Botterill of Deloitte Canada in an interview Wednesday in Calgary, where hundreds of oil and gas executives from around the globe are gathered this week for the 24th World Petroleum Congress.

Botterill said he’s currently working on Deloitte’s upcoming oil price forecast report and considering whether to revise his own earlier projections higher.

“I can absolutely see it ($100 oil) … I absolutely think we will have moments,” Botterill said.

“I can list a lot more reasons why oil will move up right now than down.”

BREAKING: Thorold Council Unanimously Rejects New Gas Peaker Plant: City council in Thorold, Ontario voted unanimously Tuesday night to reject a proposed 198-megawatt gas power plant to supply peak power to the provincial grid, Thorold Today reports.

“A recorded vote took place that saw councillors unanimously vote against signing a letter of endorsement for the project,” the local paper writes. “When it was over, people in the audience erupted in loud applause.”

Toronto-based Northland Power had proposed the plant as part of the province’s deeply controversial effort to add 1,500 MW of gas-fired generation to the grid. A directive from Energy Minister Todd Smith to the province’s Independent Electricity System Operator (IESO) had required municipal letters of endorsement for any new local projects, but not for expansions of existing gas plants. But the Thorold project, as a new installation, had to demonstrate local support.

That effort failed spectacularly last night. On Monday, local organizer Mark Freeman told The Energy Mix he could count four or five elected officials who were leaning against the project. Less than 48 hours later, all eight locally elected officials voted against it.

‘You should be worried,’ pollster warns Liberal MPs as Pierre Poilievre’s Conservatives pull further ahead: OTTAWA—Prime Minister Justin Trudeau
rebuffed questions about his Liberal leadership Wednesday, as a new poll
suggests his governing party is losing favour with the Canadian public.

During
a press conference in London, Ont. to highlight the first funding
decision of a housing program created last year, Trudeau was repeatedly
asked about Liberal MPs who have aired concerns in the media about the
direction of his government.

Several Liberal MPs have criticized their own government in conversations with the Star in recent weeks, with some raising doubts about Trudeau’s midsummer cabinet overhaul, and others expressing frustration about the government’s performance amid flagging polls.

Asked Wednesday
whether he would consider stepping down in the face of such criticism,
Trudeau said in French that he would have “very frank” discussions with
Liberal MPs during this week’s caucus retreat in the southwestern
Ontario city, but that he is focused on working on behalf of Canadians
dealing with rising costs and expensive housing.

“We’re
going to talk about all the challenges we’re facing. We’re going to
talk about how to solve them,” Trudeau said, before adding in French
that he is here to “continue the work” his government has done for
several years.

FSIN files lawsuit against Saskatchewan First Act: The Federation of Sovereign Indigenous Nations has announced plans to
sue the federal and provincial governments over legislation chiefs say
infringes on treaty rights.

Chief Bobby Cameron says the statement of claim will be a
constitutional challenge against the Saskatchewan First Act, passed by
the provincial government last year, and the Natural Resources Transfer
Agreement between the Prairie province and Ottawa.

The Act, introduced last fall, confirms the province’s autonomy and
jurisdiction over its natural resources, and puts it on a legal
collision course with First Nations, who have inherent rights through treaties to govern themselves and a special relationship to their land and resources.

Fossil fuel subsidies hit $1.3 trillion despite government pledges to end them: The report by the International Monetary Fund (IMF) looked at both
explicit and implicit subsidies for fossil fuels across 170 countries.
It found explicit subsidies alone have more than doubled since the
previous IMF assessment, rising from $500 billion in 2020 to $1.3
trillion in 2022 as governments rushed to mitigate the inflationary
impact of Russia’s invasion of Ukraine and the spike in demand caused by
the economic recovery from Covid-19. Those subsidies are direct
monetary support for fossil fuels through activities like regulated
prices set below international levels and energy bill rebates.

IMF also calculates implicit fossil fuel subsidies, which include the
cost of things such as undercharging for environmental costs and
failing to levy taxes on consumption. Adding those in and the total
subsidies ballooned to $7 trillion in 2022. That’s an increase of $2
trillion compared to 2020.