29 Oct '14, 3pm

billion

billion

Market forces and public opposition have played a significant role in the cancellation of three major tar sands projects in 2014 alone: Shell’s Pierre River, Total’s Joslyn North, and Statoil’s Corner Project. Combined, these projects would have produced 4.7 billion barrels of bitumen that would in turn have released 2.8 billion metric tonnes of carbon dioxide (CO2 ) into the atmosphere. This is equivalent to the emissions of building 18 new coal plants that would last 40 years each. Tar sands producers lost $30.9 billion from 2010 through 2013 due to transportation bottlenecks and the flood of crude coming from shale-oil fields. Of that, $17.1 billion, or 55 percent, can be attributed to the impact of public-accountability campaigns. The combination of risks facing the industry has the potential for canceling most or even all of the planned expansion of the industry in Ca...

Full article: http://priceofoil.org/2014/10/29/material-risks-how-publi...

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