Teck Resources withdrew its application for the oilsands project a few days before the federal government was expected to rule on it. Teck flagged a lack of consensus in Canadian governments’ climate policies as one reason for the pullback. Meanwhile, the Alberta Court of Appeal ruled the federal carbon tax unconstitutional; courts in Saskatchewan and Ontario previously found the tax constitutional, setting up a likely showdown at the Supreme Court. (The Logic)

Talking point: Alberta Premier Jason Kenney and Conservative leader Andrew Scheer blamed Prime Minister Justin Trudeau and the protestors blocking rail traffic for Teck’s decision; climate activist groups including Environmental Defence attributed it to Teck being unable to find financial partners willing to take on the project. There’s some evidence to support both claims. A C.D. Howe Institute report from February 2019 found that regulatory and environmental concerns led to the cancellation of $100 billion worth of energy projects in the preceding two years. Last week, Teck shares hit a 12-month low after it reported its fourth-quarter financials showing oil exposure dragging the firm down. Several of Teck’s institutional investors, including RBC and Capital Group, have cut their stakes in the firm. In July 2019, a joint federal-provincial panel said the Frontier Mine would be economically viable based on a long-term oil-barrel price projection of over US$95. Oil is currently trading at about US$51 per barrel.