The Canadian fossil-fuel sector and its political allies, including Alberta premier Jason Kenney, repeatedly drive home the point that Canadian environmental groups receive foreign funding.
But some of these same groups have turned the tables on the industry with a new report showing that foreign-controlled operational profit from the Canadian oilsands nearly doubled from 2012 to 2016 to 58.4 percent.
Late last week, Bloomberg reported that a US$320-billion Saudi wealth fund controlled by Crown Prince Mohammed bin Salman had snapped up shares in Canadian Natural Resources Ltd. and Suncor Energy, becoming CNRL’s eighth-largest and Suncor’s 14th-largest owner. The fund made its move after CNRL’s shares lost 43% of their value this year, and Suncor’s dropped 46%, compared to a 15% decline across the Standard & Poors/Toronto Stock Exchange Composite Index.
COVID-19 is making many bearish about bitumen. Deborah Lawrence’s past pessimism has proven unpopular, and correct.
Geoff Dembicki reports for The Tyee. His work also appears in Vice, Foreign Policy and the New York Times.
Deborah Lawrence used to be a stockbroker with Merrill Lynch. Over the past decade, the independent economic analyst has developed a reputation for telling oil investors what they don’t want to hear.
Health officials in British Columbia and Saskatchewan are advising people to self-isolate if they’re returning from an area of Alberta where an oil sands site is suffering from a COVID-19 outbreak.
The Saskatchewan Health Authority said in a statement that it and the Northern Inter-Tribal Health Authority have begun a contact tracing investigation into new cases of the novel coronavirus in the province’s north that are related to cross-boundary travel.
Hopes for as much as $30 billion to help sector survive double hit
Alberta’s Minister of Energy Sonya Savage expects the federal government to announce a “liquidity package” this week that would help oil and gas companies in her province survive through the severe price collapse caused by the COVID-19 global pandemic.
Price of Canadian oilsands crude plunges to lowest level on record — and could be headed to $0
The cost of buying a barrel of Canadian oil fell to less than a Barrel of Monkeys on Thursday as the oil price again crashed to record levels.
Western Canadian Select (WCS) was selling for $6.45 US a barrel Thursday, down $2.84 US from a day earlier. That's below last week's record when it sold for as low as $7.63 US a barrel.
