Last week, China’s national petroleum company announced a discovery three kilometres underground that could accelerate the collapse of LNG demand worldwide.

Sinopec has found two more huge deposits of shale gas, which the country hopes will replace tanker loads of LNG from North America.

Meanwhile solar panels, wind turbines and batteries are driving electrification across Asia, as countries aim to cut their reliance on foreign fuel.

Now Canadian politicians are turning to Europe, hoping new AI data centres will revive demand for LNG shipped via the Arctic Ocean from Churchill, Manitoba.

It’s all starting to sound a bit desperate.

It already costs more to burn gas for electricity than to build renewable energy. And if LNG companies flood the oceans with new supply, prices will collapse – making new fracking wells and gas terminals an even worse investment.

But the B.C. government has built its financial projections around selling more and more gas, whatever the price.

If the only way to make these foreign-owned projects profitable is to subsidize them with taxpayer money, then that’s what we’ll do.

Expect the B.C. government to approve the American-owned Ksi Lisims LNG terminal within a week. 

And watch for a generous package of tax breaks, federal grants, loan guarantees and discount electricity – delivered from dams and wind farms via transmission lines paid for by you and me.