Discussion posted by: Arye ben-Shaoul
‘A lot of companies are saying, ‘Why bother with Canada? We’re going elsewhere,’ analyst says Alberta’s oilpatch was dealt another devastating blow this week with Teck Resources’ decision to pull the plug on its Frontier oilsands mining project — a move that has some analysts wondering whether the sector has a future in the long term. Beyond Teck, all the major oilsands players have cancelled projects, indefinitely delayed final decisions or dramatically scaled back investments in recent months. The industry is facing a perfect storm of low oil prices, legal challenges, regulatory uncertainty, Indigenous opposition, constrained pipeline capacity and a government in Ottawa seized with stopping and reversing the disastrous effects of climate change.