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Hard Times in Canadian Oil Could Be Useful Experience

Source: Getty Images.

Combine a pandemic, plunging oil demand and prices, and a deep recession, and then consider how it may change things.

It is not a question Steve MacDonald can answer, but the chief executive officer for Emissions Reduction Alberta (ERA) said it can be a useful way to get people to consider how things can change in un­expected ways.

“If you said to someone 4 months ago that oil could go to negative prices, they would say, it’s not going to happen. The range of what could happen is much wider now,” he said.

A recent decision by the $1-trillion Norwegian Wealth Fund to exclude four major oil sands companies saying they have “unacceptably high greenhouse emissions” shows the need for change.

The headlines in Canada have been harsh—the rising death toll from COVID‑19, oil prices flirting with zero, job cuts, and the slow and unpredictable timeline to normal life.

“Everything you’re hearing is true. It’s bad,” said Darcy Spady, but the 2018 SPE president is quick to add, “I see a ray of sunshine.”

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Hard Times in Canadian Oil Could Be Useful Experience

Stephen Rassenfoss, JPT Emerging Technology Editor

01 June 2020

Volume: 72 | Issue: 6

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