About The Report:
Most (70%) oil sands production is owned by foreign companies and shareholders, who enjoy the majority of record profits, especially when oil prices are low. In fact, the profit rate of the Big Five oil sands companies—Suncor, CNRL, Cenovus, Imperial Oil and Husky Energy— through the first three quarters of 2019 was 14.2%, almost double the Canadian industry average. Despite these profits, subsidies for Canada’s already heavily subsidized oil industry have increased over the last five years.
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While investors outside the country are profiting, Canadian taxpayers are paying increasingly higher subsidies and left to foot the clean-up bill.
New report reveals 70% of Alberta’s oil sands are foreign-owned, but Canadian taxpayers are paying giant subsidies to keep the industry afloat. #peoplenotpolluters
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