Globe editorial: The oil business is awash in a windfall of billions in cash. It’s time to invest big in cutting emissions

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The oil business is awash in a windfall of billions in cash. It’s time to invest big in cutting emissions

During the pandemic’s first wave, the price of oil cratered. Barrels of crude were worth so little that, on one strange day, traders paid to give them away.

Times change, and quickly. Bust has once again become boom in Alberta. The price of a barrel has steadily climbed and now trades around a heady US$90. Natural gas prices are also strong. For the oil and gas business, it means a sudden windfall. The money needs to be put to good use, and where to spend it is obvious. Canada’s oil business faces a challenge that is both immediate and long-term: climate heating, and the urgent need to reduce emissions.

An alliance of six companies, led by Canadian Natural Resources and Suncor, represents almost all oil sands output, which they say combines for 68 megatonnes of annual climate heating emissions.

 

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