Earlier this week, when BP announced record profits, it signaled it was going to invest more in oil sands. Yesterday, as Shell smashed analysts predictions and posted a 71% rise in profits to $10.9bn, it did exactly the opposite. Although Shell’s profits mean the company is awash with cash because of the high oil price … Read More
Canada
BP Looks to Oil Sands as Peak Oil Beckons
A taskforce of eight leading British engineering, utility and transport companies is predicting the world will reach peak oil in three to five years. The taskforce looked at three possible scenarios: a collapse in production, a decline, or a plateauing of production once peak oil is reached. Taskforce chairman, ex-Greenpeace scientist and chair of SolarCentury, … Read More
Harper’s Victory is Bad News for the Environment
The breaking news from Canada is that the Conservative Prime Minister, Stephen Harper has been re-elected with an increased majority, although he has fallen some 10 to 12 votes short of an overall majority, something he desperately craved. Despite this, Harper’s political gamble to call a snap election has paid off, although he will still … Read More
Oil Sands: From Boom to Bust
Banks may be going bust at an unprecedented rate, but the financial crisis could start hitting oil development, no more so in Alberta, where the high oil price is a pre-requisite for profitable investment. This is OilWeek’s gloomy assessment “Plummeting oil prices and the stock market meltdown have raised concern that Alberta´s energy boom may … Read More
Oxfam Criticises Shell for “burying its head in the (oil) sands”
The development charity Oxfam has added its influential voice against Shell’s investment in Canadian oil sands. In a report entitled “Forecast for Tomorrow,” the development charity has highlighted both good and bad business practices that are being adopted in the UK or by British businesses abroad.
Canada: The “Boring” Election that Matters
With the global financial crisis taking centre stage coupled with the US election you would be forgiven for forgetting that there is an election going on in Canada too, which will be held in a couple of weeks. So why is it not making international news? Partly it could be because its so boring, according … Read More
Section 526: Canadian paper wonders if its “all bark no bite?”
Last week, environmental groups were celebrating that Congress did not repeal or weaken Section 526 of the U.S. Energy Independence and Security Act of 2007, as part of the Senate Authorisation bill. Under Section 526 of the act, US federal government agencies are restricted from entering into contracts to purchase non-conventional fuels such a tar … Read More
The Flawed Defence of “Dirty Oil”
It was inevitable that some sections of the Canadian press would defend tar sands, but the arguments they are using are fundamentally flawed. In an editorial entitled “’Dirty oil’ beats bloody oil” today, the Calgary Herald tries to hit back at recent moves (see blog here) that highlight the financial risks of oil sands. The … Read More
Climate Risk Set to Impact Oil Sands Development
It must be depressing being a banker these days. As stock markets plunge, banks go to the wall and confidence crumbles you will be looking for a safe place to invest your money. Gold is looking a good bet these days, but what about oil and tar sands? Not long ago, investing in Canada’s tar … Read More
The “You’ve Got To Be Kidding” Department
As news leaks out that the Alberta’s government has launched a C$25 million PR campaign to greenwash oil sands, here is Kenny’s final post from Alberta. Kenny goes behind the spin: “The rest of the world must share that hope. Through no choice of his own, Coutoreille and the First Nations of Fort Chip are … Read More