US-incorporated energy firm Lone Pine Resources is challenging Quebec’s moratorium on fracking under terms of the North American Free Trade Agreement, and demanding more than $250 million in compensation. The company—headquartered in Calgary but incorporated in Delaware—officially notified the US Securities and Exchange Commission that on Nov. 8 it filed a notice of intent to sue the Canadian government under NAFTA's controversial Chapter 11. Quebec lawmakers in June approved legislation, Bill l8, that imposed a moratorium on hydraulic fracturing pending further study on its environmental impacts. Lone Pine cites Chapter 11's Article 117, on investor damages, in its claim for the loss of what it calls a "valuable right...without due process, without compensation and with no cognizable public purpose."
As expected, Xi Jinping was chosen as general secretary of the Chinese Communist Party at the 18th Party Congress in Beijing's Great Hall of the People Nov. 15. The process, concealed from domestic and international observers, was thoroughly choreographed; Xi, the incoming president, and Li Keqiang, the new premier, were probably chosen years ago. The 2,270 delegates also named the new Central Committee, a ruling council of some 200 full members and 170 non-voting alternates. The leadership change happens every 10 years. The congress had an official theme of "Accelerating the Transformation of the Economic Growth Model," with the official report opening: "We need to expedite the improvement of the socialist market economic system." The target of doubling gross domestic product growth by 2020, set during the 16th congress, was raised to doubling both GDP and per capita income. Xi's remarks called for addressing "corruption" and "inequality," but made no mention of Marxism or Mao Zedong Thought. (China Digital Times, Xinhua, BBC World Service, Nov. 15; Caixin, IOL, BBC News, Nov. 14; Worldpress, Nov. 6)
In case you were wondering, the oil and energy industry are hedging their bets by funding both candidates (gee, what a surprise)—but not equally. Politico noted back in April that BP has favored Obama:
BP and its employees have given more than $3.5 million to federal candidates over the past 20 years, with the largest chunk of their money going to Obama, according to the Center for Responsive Politics. Donations come from a mix of employees and the company's political action committees — $2.89 million flowed to campaigns from BP-related PACs and about $638,000 came from individuals.
We don't doubt that Big Oil has its money on the Republicans and Mitt Romney when push comes to shove. But we noted back in 2008 that the reigning petro-oligarchs were deftly playing both sides in the presidential race. The nature of the game is that no matter who gets in, the petro-oligarchs win. But a part of the game is that Romney gets to bait Obama as a Green Stalin for suggesting that some remnants of federal oversight over the oil industry be retained—which only causes Obama to capitulate yet further. In terms of actual policy on oil and energy, the difference between the two parties has been narrowing almost from the moment Obama took office, until today it is vanishingly small. From AP, Aug. 23: