Cenovus and Husky, two of the five largest oilsands producers, just merged to save money by killing more than 2,000 jobs. Suncor axed another 2,000 employees. The so-called “economic engine of Canada” is shedding jobs, not making them.
As the world’s oil industry shrinks, prospects for global economic recovery seem remote if not problematic, because the world runs on oil.
China, the presumed market for Alberta’s heavy sour crude, has arrested two of our citizens, bullied our leaders and become a global exporter of technological tyranny.
And climate change, the topic everyone likes to endlessly talk about, continues to erode shorelines, burn forests, create refugees and undermine global security.
So does the world still need the Trans Mountain expansion project?
That’s the timely question David Hughes, one of the country’s foremost energy experts, deftly answers in his latest report for the Canadian Centre for Policy Alternatives.
Source: Pipe Dream: Taxpayer-Owned TMX Is a Bust, Concludes Analyst | The Tyee
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UPDATE 3-Canada’s Supreme Court dismisses appeal of long-delayed Trans Mountain oil pipeline
Drilling forecast calls for even fewer Canadian oil and gas wells in ‘bleak’ 2021
PSAC cut its 2020 Canadian drilling forecast three times over the past 10 months as oil prices fell early in the year due to global overproduction and then fell again as the COVID-19 pandemic eroded demand for fuel.
The forecast for 2021 is 47 per cent lower than the 4,900 wells drilled in 2019. Read more