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x8888 Article content Sometime this financial quarter, the Canadian oilsands will hit a major milestone: one trillion dollars in cumulative spending. This number does not represent profits or dividends. It is the amount of direct spending – the capital, the operating expenses, the taxes and the royalties – that Canada’s most important industrial activity has injected into the economy over a period of about 25 years. The oilsands are Canada’s winning lottery ticket. Economists are well aware of the huge outlay of capital that the oilsands attracted in the early 2010s. Many macroeconomic datasets are distorted by them: investment attraction, productivity, GDP per capita: all enjoyed a bump during the oilsands’ most capital-intensive years. What’s less discussed is how those early outlays of capital committed producers to operational and de-bottleneck spending for years to come: the drilling, well pads, gathering pipelines and equipment needed to sustain and optimize operations. As a result of higher royalties and taxes, oilsands spending actually peaked in 2022, not 2014, the latter of which was the high point for the construction phase of the oilsands’ life cycle. The 2022 oilsands expenditures were equivalent to the GDP of Saskatchewan that same year. The trillion dollars in spending has bolstered the Canadian economy in hundreds of ways, but a few are worth highlighting. Over $107 billion in royalties and $79 billion in taxes have been paid to Canadian governments, representing more than the last five years of Canadian defense spending . Billions in goods and services have been procured from Indigenous businesses, and tens of billions from the manufacturing sector in central Canada. Far from just an Alberta success story, the oilsands are a quintessentially Canadian sector. M ore than 2,300 companies outside of Alberta have had direct business with the oilsands, including over 1,300 in Ontario and almost 600 in Quebec. If anything, the trillion-dollar figure is conservative. It does not include third-party handling, tankage or pipeline spend (the cost of TMX, for example). And it does not include IT, corporate, research and development, diluent costs or the indirect spend that impacts countless firms across the country. These add tens of billions more to worker paycheques, small business profits, and taxes. Such a golden goose should surely be cossetted by our political class? Of course not. The oilsands have been consistently undermined by Ottawa. The announcement of an emissions cap is the latest example. Analysis by S&P Global and the Conference Board of Canada show that, depending on the implementation, the cap could force a reduction in output of well over one million barrels of oil equivalent/day, almost of all of which would have to come out of our exports to the United States. This would lead to a significantly lower balance of trade and an even weaker dollar, affecting all Canadians’ buying power. Canada has the world’s fourth-largest oil reserves; a democracy alone on a list with authoritarian regimes Venezuela, Saudi Arabia and Iran. Ninety-seven per cent of those reserves are in the Alberta oilsands. That juggernaut could keep Canada’s economy prosperous for many more decades, providing the feedstock for chemicals and carbon-based materials whenever global fuel consumption starts to decline. In fact, based on the last three years of current expenditures, the oilsands would hit their next trillion-dollar spending milestone in half the time it took to hit the first. With good planning and collaboration, some of its future expenditures will go toward emissions-reductions activities such as carbon capture and storage, and new technology investment such as carbon fibre production . But if companies are forced to cut their production, they won’t be able to afford to aggressively cut emissions. Nor will they be able to make other investments to maximize and sustain the value of this resource. Shareholders will put their money elsewhere, and spending will decline. A trillion-dollar milestone is something to celebrate. Governments and industry need to collaborate so we can reach it again. Heather Exner-Pirot is the director of energy, natural resources and environment at the Macdonald-Laurier Institute. Bryan Remillard is senior advisor, policy, at Pathways Alliance and has over 30years of experience in the oilsands sector.

Update on plans to convert retail unit into 7-bed HMO

Ohtani was a unanimous MVP for the third time, receiving all 30 first-place votes and 420 points in voting by the Baseball Writers' Association of America. New York Mets shortstop Francisco Lindor was second with 263 points and Arizona second baseman Ketel Marte third with 229. Judge was a unanimous pick for the first time. Kansas City shortstop Bobby Witt Jr. got all 30 second-place votes for 270 points, and Yankees outfielder Juan Soto was third with 21 third-place votes and 229 points. Ohtani was unanimously voted the AL MVP in 2021 and 2023 as a two-way star for the Los Angeles Angels and finished second to Judge in 2022 voting. He didn't pitch in 2024 following elbow surgery and signed a record $700 million, 10-year contract with the Los Angeles Dodgers last December. Ohtani joined Frank Robinson for Cincinnati in 1961 and Baltimore in 1966 as the only players to win the MVP award in both leagues. He was the first player to twice become an unanimous MVP. He had combined with Atlanta outfielder Ronald Acuña Jr. in 2023 for the first year both MVPs were unanimous. Ohtani hit .310, stole 59 bases and led the NL with 54 homers and 130 RBIs exclusively as a designated hitter, becoming the first player with 50 or more homers and 50 or more stolen bases in a season. He helped the Dodgers to the World Series title, playing the final three games with a torn labrum in his left shoulder. "The ultimate goal from the beginning was to win a World Series, which we are able to accomplish," he said through a translator. "The next goal is for me to do it again and so right now I'm in the middle of rehab and working out and getting stronger." When Ohtani returns to the mound, could he win MVP and the Cy Young Award in the same year? "That would obviously be great, but right now my focus is just to get to get back healthy, come back stronger, get back on the mound and show everybody what I can do," Ohtani said. Ohtani became the first primary DH to win an MVP in a season that started with the revelation his longtime interpreter and friend, Ippei Mizuhara, had stolen nearly $17 million from the star to fund gambling. Ohtani is the 12th player with three or more MVPs, joining Barry Bonds (seven) and Jimmie Foxx, Joe DiMaggio, Stan Musial, Roy Campanella, Yogi Berra, Mickey Mantle, Mike Schmidt, Alex Rodriguez, Albert Pujols and Mike Trout (three each). Balloting was conducted before the postseason. Judge led the major leagues with 58 homers, 144 RBIs and 133 walks while hitting .322. Witt topped the big leagues with a .332 average, hitting 32 homers with 31 stolen bases and 109 RBIs. Soto batted .288 with 41 homers and 109 RBIs. When Judge won his first MVP award in 2022, he received 28 first-place votes while Ohtani got the other two. Judge had discussed the MVP award with Philadelphia's Bryce Harper, the NL winner in 2015 and '21. "I was telling him, `Man, I'm going to try to catch up to you with these MVPs here, man,'" Judge recalled. "He'd say, hopefully, he could stay a couple ahead of me, which I think he'll do." When Judge won his first MVP award in 2022, he received 28 first-place votes while Ohtani got the other two. He is the Yankees' 22nd MVP winner, four more than any other team. Judge was hitting .207 with six homers and 18 RBIs through April, then batted .352 with 52 homers and 126 RBIs in 127 games. "March and April were not my friend this year." Judge said. "Just keep putting in the work and things are going to change. You can't mope. You can't feel sorry for yourself. Especially in New York, nobody's going to feel sorry for you. So you just got to go out there and put up the numbers?" ST. PETERSBURG, Fla. — The St. Petersburg City Council reversed course Thursday on whether to spend more than $23 million to repair the hurricane-shredded roof of the Tampa Bay Rays' ballpark, initially voting narrowly for approval and hours later changing course. The reversal on fixing Tropicana Field came after the council voted to delay consideration of revenue bonds for a proposed new $1.3 billion Rays ballpark. Just two days before, the Pinellas County Commission postponed a vote on its share of the new stadium bonds, leaving that project in limbo. “This is a sad place. I'm really disappointed,” council chair Deborah Figg-Sanders said. “We won’t get there if we keep finding ways we can’t.” The Rays say the lack of progress puts the new stadium plan and the future of Tropicana Field in jeopardy. “I can't say I'm confident about anything,” Rays co-president Brian Auld told the council members. The Trop's translucent fiberglass roof was ripped to pieces on Oct. 9 when Hurricane Milton swept ashore just south of Tampa Bay. There was also significant water damage inside the ballpark, with a city estimate of the total repair costs pegged at $55.7 million. The extensive repairs cannot be finished before the 2026 season, city documents show. The Rays made a deal with the Yankees to play next season at 11,000-seat Steinbrenner Field, New York's spring training home across the bay in Tampa. The initial vote Thursday was to get moving on the roof portion of the repair. Once that's done, crews could begin working on laying down a new baseball field, fixing damaged seating and office areas and a variety of electronic systems — which would require another vote to approve money for the remaining restoration. The subsequent vote reversing funding for the roof repair essentially means the city and Rays must work on an alternative in the coming weeks so that Tropicana Field can possibly be ready for the 2026 season. The city is legally obligated to fix the roof. BRIEFLY PIRATES: Pittsburgh hired Matt Hague as its hitting coach, bringing him back to the team that drafted him in 2008. Hague replaces Andy Haines, who was fired after Pittsburgh finished in the bottom 10 in the majors in every significant statistical category last season, including runs (24th) and home runs (25th), while also striking out a club-record 1,504 times, second-most in the National League behind Colorado. The 39-year-old Hague spent last season as an assistant hitting coach with the Toronto Blue Jays.He is not yet in power but President-elect Donald Trump rattled much of the world with an off-hours warning of stiff tariffs on close allies and China -- a loud hint that Trump-style government by social media post is coming back. With word of these levies against goods imported from Mexico, Canada and China, Trump sent auto industry stocks plummeting, raised fears for global supply chains and unnerved the world's major economies. For Washington-watchers with memories of the Republican's first term, the impromptu policy volley on Monday evening foreshadowed a second term of startling announcements of all manner, fired off at all hours of the day from his smartphone. "Donald Trump is never going to change much of anything," said Larry Sabato, a leading US political scientist and director of the University of Virginia's Center for Politics. "You can expect in the second term pretty much what he showed us about himself and his methods in the first term. Social media announcements of policy, hirings and firings will continue." The first of Trump's tariff announcements -- a 25 percent levy on everything coming in from Mexico and Canada -- came amid an angry rebuke of lax border security at 6:45 pm on Truth Social, Trump's own platform. The United States is bound by agreements on the movement of goods and services brokered by Trump in a free trade treaty with both nations during his first term. But Trump warned that the new levy would "remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country" -- sowing panic from Ottawa to Mexico City. Seconds later, another message from the incoming commander-in-chief turned the focus on Chinese imports, which he said would be hit with "an additional 10% Tariff, above any additional Tariffs." The consequences were immediate. Almost every major US automaker operates plants in Mexico, and shares in General Motors and Stellantis -- which produce pickup trucks in America's southern neighbor -- plummeted. More from this section Canada, China and Mexico protested, while Germany called on its European partners to prepare for Trump to impose hefty tariffs on their exports and stick together to combat such measures. The tumult recalls Trump's first term, when journalists, business leaders and politicians at home and abroad would scan their phones for the latest pronouncements, often long after they had left the office or over breakfast. During his first four years in the Oval Office, the tweet -- in those days his newsy posts were almost exclusively limited to Twitter, now known as X -- became the quasi-official gazette for administration policy. The public learned of the president-elect's 2020 Covid-19 diagnosis via an early-hours post, and when Iranian Revolutionary Guards commander Qasem Soleimani was assassinated on Trump's order, the Republican confirmed the kill by tweeting a US flag. The public and media learned of numerous other decisions big and small by the same source, from the introduction of customs duties to the dismissal of cabinet secretaries. It is not a communication method that has been favored by any previous US administration and runs counter to the policies and practices of most governments around the world. Throughout his third White House campaign, and with every twist and turn in his various entanglements with the justice system, Trump has poured his heart out on Truth Social, an app he turned to during his 20-month ban from Twitter. In recent days, the mercurial Republican has even named his attorney general secretaries of justice and health via announcements on the network. "He sees social media as a tool to shape and direct the national conversation and will do so again," said political scientist Julian Zelizer, a Princeton University professor. cjc/ft/dw/bjt