The Canadian oil sands are one of the world’s largest sources of climate pollution and America’s biggest source of imported oil. And they may be about to go bust.
Canada’s oil sands, also known as tar sands, are the world’s fourth-largest reserve of crude oil. Mining them unleashes massive volumes of carbon dioxide into the atmosphere, easing the way for global warming to blow past 2°C (3.6°F) — levels considered “dangerous” under the Paris Climate Agreement.
The Canadian oil sands are one of the world’s largest sources of climate pollution and America’s biggest source of imported oil. And they may be about to go bust.
Canada’s oil sands, also known as tar sands, are the world’s fourth-largest reserve of crude oil. Mining them unleashes massive volumes of carbon dioxide into the atmosphere, easing the way for global warming to blow past 2°C (3.6°F) — levels considered “dangerous” under the Paris Climate Agreement.
The future of the Canadian oil sands industry is clouded with uncertainty because of simple economics. In today’s marketplace, there is little confidence oil prices will rise high enough to keep the oil sands profitable. And, a flood of U.S. oil — one of the biggest reasons gasoline and crude oil have been cheap over the past two years — is sucking the life out of Canada’s oil industry.
“Frankly, for this reason, and because of longer-term trends toward cheaper renewables coupled with carbon pricing, the oil sands is likely a dead industry,” said Thomas Homer-Dixon, chair of global systems at the Balsillie School of International Affairs in Waterloo, Ontario.
Read more at Climate Central
Photo credit: The Interior via Wikimedia Commons
