Big Oil’s no-good, very-bad week continues | Corporate Knights: In its July oil market report,
the IEA cautioned  that “while prices at these levels could increase
the pace of electrification of the transport sector and help accelerate
energy transitions, they could also put a drag on the economic
recovery.” It added, “Volatility does not help ensure orderly and secure
energy transitions.”

Meanwhile, back in Canada, oil industry advocates continue to suggest
that the sector should be positioning itself to capitalize on the next oil boom.
However, in a report released last month, Jeffrey Craig of Veritas
Investment Research said, “Given the pressure to both cut emissions and
invest in renewable energy, we expect the super majors to shed mostly
upstream oil and gas assets [in the oil sands] to fund investments into
renewables.”

Right on cue, when BP slashed its long-term oil price outlook in late June, the company’s oil sands investments were rendered “worthless,” Reuters reports. The fate of those stranded assets remains to be seen.

Big Oil’s no-good, very-bad week continues | Corporate Knights: In its July oil market report,
the IEA cautioned  that “while prices at these levels could increase
the pace of electrification of the transport sector and help accelerate
energy transitions, they could also put a drag on the economic
recovery.” It added, “Volatility does not help ensure orderly and secure
energy transitions.”Meanwhile, back in Canada, oil industry advocates continue to suggest
that the sector should be positioning itself to capitalize on the next oil boom.
However, in a report released last month, Jeffrey Craig of Veritas
Investment Research said, “Given the pressure to both cut emissions and
invest in renewable energy, we expect the super majors to shed mostly
upstream oil and gas assets [in the oil sands] to fund investments into
renewables.”Right on cue, when BP slashed its long-term oil price outlook in late June, the company’s oil sands investments were rendered “worthless,” Reuters reports. The fate of those stranded assets remains to be seen.Read More