Toronto, ON — For years, the oil companies have been telling us that tar sands expansion is unstoppable and inevitable. But today’s decision by Statoil ASA is yet another indictment of Canada’s high-cost, high-carbon, and high risk tar sands industry.
Citing limited pipeline access as a key factor, the decision is also proof that pipelines have a direct impact on the expansion of the tar sands and carbon pollution. According to Rystad Energy Consultants, if the project wasn’t mothballed, it would have produced 806 million barrels of bitumen and have emitted 482 million metric tons CO2 by 2050, equivalent to one year’s emissions from 101.4 million passenger vehicles.
It’s time for the oil industry to revise their bullish forecasts, and admit that the tar sands are among the most expensive oil plays in the world, and their development is not a sure thing.
And it’s time for Canada to break with our economic reliance on this high risk and high polluting industry and direct investment to clean energy instead.
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