Canada’s Oil-Sands Industry Girds for Leaner Times

11 Jul 2016   Canada, Tar Sands

As the Canadian oil-sands hub of Fort McMurray, Alberta, battles to rebuild after wildfires that ripped through in May, the industry that made it a boomtown is contemplating the end of an era of rapid growth. The wildfires, which roiled global crude markets by temporarily shutting off production of at least a million barrels of oil a day, added to the mounting woes of Canada’s oil-sands producers. High costs, tighter regulations, and tougher competition from shale oil have turned the industry into one of the biggest casualties of a two-year-old swoon in oil prices. “A lot of plans that were based on triple-digit oil prices in the $100s [per barrel] are having to be adjusted in this environment,” said Murray Edwards, chairman of Canadian Natural Resources Ltd. CNQ 1.71 % “All of us are […]

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