Comment 106709

By DowntownInHamilton (registered) | Posted December 08, 2014 at 17:46:24 in reply to Comment 106707

In response to persistently high oil prices, the industry has massively ramped up its fracking and oilsands operations, which are very expensive and also environmentally devastating, not that you care about such things.

Really? I'd say otherwise. With Saudia Arabia allowing the price of oil to fall, yet not cutting production has made the investments into the tar sands and offshore drilling cost ineffective. I heard an interesting interview on CBC Radio One a couple of weeks ago - they were saying the price of crude needs to be about $110 a barrel for those industries to be financially viable, and that there are plenty of projects being put on hold as a result. It's a massive investment to do those types of extraction and it's not happening right now.

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