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Fri Apr 19, 2019, 08:04 AM

New Alberta Premier Vows To Create "War Room" To Fight Opponents Of Oil Industry, Dump Carbon Tax

The home province of Canada's tar sands elected a combative, conservative leader this week who came out swinging on the side of the country's struggling oil industry. Jason Kenney promised to cancel Alberta's carbon tax, lift a cap on greenhouse gas emissions from the tar sands and create a "war room" to combat the oil industry's opponents.

But while his victory Tuesday threw more uncertainty into Canada's efforts to cut greenhouse gas emissions, there may be little Kenney can do on his own to reverse what has been a steady decline in fortunes for Alberta's tar sands over the past few years. Instead, the fate of the tar sands industry, also known as oil sands, may rest more in the hands of Prime Minister Justin Trudeau and the courts hearing legal challenges to proposed new oil pipelines—and, ultimately, with international energy markets and the macroeconomic forces that shape them.


ConocoPhillips described in a report in February its pivot toward low-cost oil and gas production, a process that included selling tar sands assets. Executives at Chevron have said they plan to cut the company's emissions, not by producing less oil and gas but by doing so more efficiently.

Saudi Arabia's state-owned oil company, Saudi Aramco, issued a filling with the London Stock Exchange earlier this month that made the case to lenders that the nation's reserves are well positioned because, it says, they can be produced relatively cheaply and with comparatively lower carbon emissions.



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