Connect with us

Alberta

Big weekend for Red Deer’s Parker Thompson

Published

7 minute read

Four Races and Four Podiums for Thompson in Busy Victoria Day Speedfest Weekend

CANADIAN TIRE MOTORSPORT PARK – TORONTO, ONTARIO

from Parker Thompson Racing:

Parker Thompson boldly kicked off the new race season in Canada this weekend at Canadian Tire Motorsport Park. The 21-year-old competed in four races as part of two different series that joined the annual Victoria Day Speedfest weekend at the Toronto area racetrack. In those four races, Thompson earned four podiums. In the Canadian Touring Car Championship (CTCC), he dominated the weekend, taking the Audi R8 LMS GT4 of Speedstar Motorsport to two overall victories. In the Porsche GT3 Cup Challenge Canada, Thompson earned a 2nd and 3rd place finish in two tightly contested races. 

The performance puts an exclamation mark on what has been a commanding start to Thompson’s 2019 season. Thompson has been racing south of the border since March when the Indy Pro 2000 season commenced in St. Petersburg, Florida. He joined Porsche GT3 Cup Challenge USA shortly after. Thompson is in contention for championship titles in those two series. After this weekend, he is set up to challenge for the Porsche GT3 Cup Challenge Canada and CTCC championship titles as well. In this calendar year, Thompson has already raced 12 times within the four series. In those races, he has 10 podiums and 5 wins.Racing two series in one weekend presented a unique opportunity for Thompson.

“I’m so fortunate to have the opportunity to work with two great teams in SCB Racing and Speedstar Motorsport. Sports GT racing is still very new to me. With some great people behind me though, we’ve managed some great results. We have a great chance to contend for two championships here in Canada. Speedstar Motorsport has proven great results in international series as well. I’m excited about future possibilities that exist with that team and their partners.” – Parker Thompson


Canadian Touring Car Championship

Driven by Thompson, the #1 Audi R8 LMS GT4 of Speedstar Motorsport and New Roads Automotive Group, dominated both CTCC races on the weekend. With future endeavors in other series on the horizon, Thompson and the team had a watchful eye on the SRO GT4 America’s races that also took place as part of the Victoria Day Speedfest weekend. Running cars identically classed to Thompson’s Audi R8, the GT4 America’s series features drivers from around the globe and participation from a variety of manufacturers.

In the Speedstar Motorsport / New Roads Automotive Group Audi R8, Thompson marked a lap time that bested not only all CTCC competitors, but all GT4 America’s entrants as well. In fact, the 1:23.332 that Thompson posted is faster than any GT4 lap on recent record at Canadian Tire Motorsports Park.

“We’re racing guys over in the SRO GT4 America’s paddock. We’re comparing and making sure we’re faster than all the manufacturers over there. The Speedstar Motorsport / New Road Automotive Group #1 Audi R8 was on rails all weekend long. It’s amazing to drive for this team. Thank you to everyone who came out from New Roads Automotive Group and Audi Uptown.” – Parker Thompson.


 

Porsche GT3 Cup Challenge Canada

As expected of the popular one-make series, the opening races of the Porsche GT3 Cup Challenge Canada were tightly contested. An incident in Saturday morning’s qualifying cut the session short, leaving multiple drivers unhappy with their starting positions for race one. Thompson would start in second position. Over the course of the race he applied good pressure on leader, Jeff Kingsley, but was not able to execute a pass. The two crossed the finish line with a comfortable margin over 3rd place Marco Cirone.

The starting line-up for race two put Thompson in the fifth position. Intense battles with Marco Cirone, Jeff Kingsley, and Patrick Dussault saw Thompson make his way up to second position. Heavy rain would fall, ending the race before he had any chance to challenge for the lead. The excitement of Thompson’s dramatic performance was tempered somewhat post-race when he was penalized one position for making a pass outside of track limits. The final result was third place.

After combining point totals for both races, Thompson holds second place in the overall championship standings, just one point behind race 2 winner Roman DeAngelis. The two drivers are also first in second in the Porsche GT3 Cup Challenge USA standings. Having shared the track for six races so far this year, Thompson and DeAngelis are demonstrating the tight competition that the GT3 Cup series is renowned for.

Photo credit SCB Racing

MAY 24 – 26, 2019 – INDY PRO 2000 Race 4 & 5 – Lucas Oil Raceway, Indianapolis, IN
JUN. 02 – 03, 2019 – CTCC Race 3 & 4 – Calabogie Motorsport Park – Ottawa,
JUN. 08 – 09, 2019 – GT3 CUP CANADA & USA – Circuit Gilles Villeneuve – Montreal

About Parker Thompson

Red Deer, Alberta native Parker Thompson is regarded as one of Canada’s premiere racing drivers. He started racing karts at age 8 and his natural talent and competitive drive quickly elevated him to international level competitions. By age 13 he was ranked 3rd in the world in Rotax Max karts. Now 21 years old, Parker continues his successful career racing on the Road to Indy, and in multiple sports car series.

Todayville is a digital media and technology company. We profile unique stories and events in our community. Register and promote your community event for free.

Follow Author

Alberta

Alberta extracting more value from oil and gas resources: ATB

Published on

From the Canadian Energy Centre

By Will Gibson

Investment in ‘value-added’ projects more than doubled to $4 billion in 2024

In the 1930s, economist Harold Innis coined the term “hewers of wood and drawers of water” to describe Canada’s reliance on harvesting natural resources and exporting them elsewhere to be refined into consumer products.

Almost a century later, ATB Financial chief economist Mark Parsons has highlighted a marked shift in that trend in Alberta’s energy industry, with more and more projects that upgrade raw hydrocarbons into finished products.

ATB estimates that investment in projects that generate so-called “value-added” products like refined petroleum, hydrogen, petrochemicals and biofuels more than doubled to reach $4 billion in 2024.

Alberta is extracting more value from its natural resources,” Parsons said.

“It makes the provincial economy somewhat more resilient to boom and bust energy price cycles. It creates more construction and operating jobs in Alberta. It also provides a local market for Alberta’s energy and agriculture feedstock.”

The shift has occurred as Alberta’s economy adjusts to lower levels of investment in oil and gas extraction.

While overall “upstream” capital spending has been rising since 2022 — and oil production has never been higher — investment last year of about $35 billion is still dramatically less than the $63 billion spent in 2014.

Parsons pointed to Dow’s $11 billion Path2Zero project as the largest value-added project moving ahead in Alberta.

​​The project, which has support from the municipal, provincial and federal governments, will increase Dow’s production of polyethylene, the world’s most widely used plastic.

By capturing and storing carbon dioxide emissions and generating hydrogen on-site, the complex will be the world’s first ethylene cracker with net zero emissions from operations.

Other major value-added examples include Air Products’ $1.6 billion net zero hydrogen complex, and the associated $720 million renewable diesel facility owned by Imperial Oil. Both projects are slated for startup this year.

Parsons sees the shift to higher value products as positive for the province and Canada moving forward.

“Downstream energy industries tend to have relatively high levels of labour productivity and wages,” he said.

“A big part of Canada’s productivity problem is lagging business investment. These downstream investments, which build off existing resource strengths, provide one pathway to improving the country’s productivity performance.”

Heather Exner-Pirot, the Macdonald-Laurier Institute’s director of energy, natural resources and environment, sees opportunities for Canada to attract additional investment in this area.

“We are able to benefit from the mistakes of other regions. In Germany, their business model for creating value-added products such as petrochemicals relies on cheap feedstock and power, and they’ve lost that due to a combination of geopolitics and policy decisions,” she said.

“Canada and Alberta, in particular, have the opportunity to attract investment because they have stable and reliable feedstock with decades, if not centuries, of supply shielded from geopolitics.”

Exner-Pirot is also bullish about the increased market for low-carbon products.

“With our advantages, Canada should be doing more to attract companies and manufacturers that will produce more value-added products,” she said.

Like oil and gas extraction, value-added investments can help companies develop new technologies that can themselves be exported, said Shannon Joseph, chair of Energy for a Secure Future, an Ottawa-based coalition of Canadian business and community leaders.

“This investment creates new jobs and spinoffs because these plants require services and inputs. Investments such as Dow’s Path2Zero have a lot of multipliers. Success begets success,” Joseph said.

“Investment in innovation creates a foundation for long-term diversification of the economy.”

Continue Reading

Alberta

Alberta government must restrain spending in upcoming budget to avoid red ink

Published on

From the Fraser Institute

By Tegan Hill and Milagros Palacios

Whether due to U.S. tariffs or lower-than-expected oil prices, the Smith government has repeatedly warned Albertans that despite a $4.6 billion projected budget surplus in 2024/25, Alberta could soon be in the red. To help avoid this fate, the Smith government must restrain spending in its upcoming 2025 budget.

These are not simply numbers on a page; budget deficits have real consequences for Albertans. For one, deficits fuel debt accumulation. And just as Albertans must pay interest on their own mortgages or car loans, taxpayers must pay interest on government debt. Each dollar spent paying interest is a dollar diverted from programs such as health care and education, or potential tax relief. This fiscal year, provincial government debt interest costs will reach a projected $650 per Albertan.

And while many risk factors are out of the government’s direct control, the government can control its own spending.

In its 2023 budget, the Smith government committed to keep the rate of spending growth to below the rate of inflation and population growth. This was an important step forward after decades of successive governments substantially increasing spending during good times—when resource revenues (including oil and gas royalties) were relatively high (as they are today)—but failing to rein in spending when resource revenue inevitably declined.

But here’s the problem. Even if the Smith government sticks to this commitment, it may still fall into deficit. Why? Because this government has spent significantly more than it originally planned in its 2022 mid-year plan (the Smith government’s first fiscal update). In other words, the government’s “restraint” is starting from a significantly higher base level of spending. For example, this fiscal year it will spend $8.2 billion more than it originally planned in its 2022 mid-year plan. And inflation and population growth only account for $3.1 billion of this additional spending. In other words, $5.1 billion of this new spending is unrelated to offsetting higher prices or Alberta’s growing population.

Because of this higher spending and reliance on volatile resource revenue, red ink looms.

Indeed, while the Smith government projects budget surpluses over the next three fiscal years, fuelled by historically high resource revenue, if resource revenue was at its average of the last two decades, this year’s $4.6 billion projected budget surplus would turn into a $5.8 billion deficit. And projected budget surpluses in 2025/26 and 2026/27 would flip to budget deficits. To be clear, this is not a far-fetched scenario—resource revenue plummeted by nearly 70 per cent in 2015/16.

In contrast, if resource revenue fell to its average (again, based on the last two decades) but the Smith government held to its original 2022 spending plan, Alberta would still have a balanced budget in 2026/27.

Bottom line; had the Smith government not substantially increased spending over the last two years, Alberta’s spending levels today would align with more stable ongoing levels of revenue, which would put Alberta on more stable fiscal footing in the years to come.

Premier Smith has warned Albertans a budget deficit may be on the way. To mitigate the risk of red ink moving forward, the Smith government should show real spending restraint in its 2025 budget.

Tegan Hill

Director, Alberta Policy, Fraser Institute

Milagros Palacios

Director, Addington Centre for Measurement, Fraser Institute
Continue Reading

Trending

X