Executive viewpoint ///

All eyes continue to point toward the state of the world’s energy industry, as oil prices remain low on the heels of weakening global economic growth and rising crude oil supplies. Alberta’s oil sands industry may not be immune to this new economic reality. The oil sands attract $30 billion annually in investment, boast 170 Bbbl of reserves (third in the world) and produce 2.3 MMbpd of raw bitumen (14% of the U.S. daily appetite for crude oil). They are a high-cost industry that has little, if any, access to international markets (beyond North America). Several thousand jobs have been lost, as various oil sands companies have announced significant reductions to their future capital spending plans, in response to lower crude oil prices.

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