This is a news compilation setting the record straight on the day’s top anti-oil and gas stories and providing research and facts to counter misinformation about the oil and gas industry.
Anti-oil and gas activist OpEd about ditching oil sands leaves out oil demand and major cost reduction of oil sands production.
Despite the pandemic, oil and gas demand is already bouncing back.
- Oil and gas demand is expected to make a recovery to near 2019 levels by 2021. The International Energy Agency also expects oil and gas demand to increase past 2040.
- Oil sands projects don’t need triple digit prices for oil to be profitable. The cost associated with oil sands production has dropped 40% since 2014. Break even prices are now around $40 for steam assisted production.
- Most oil sands projects are now in-situ steam projects, however even oil sands mining costs have dropped. Instead of over $100 a barrel to break even, its now around $65
- Despite the rhetoric from activists that oil prices will not recover, they already have begun to increase. The Bank of America expects the Brent crude benchmark to reach $60 a barrel in 2021.
Here are some stories that get it right, or mostly right.
Estella Petersen is a member of Cowessess First Nation explains that she is tired of activists and politician speaking for Indigenous peoples when they can perfectly author their own opinions. This is especially relevant when it comes to Indigenous peoples and the oil and gas industry. She notes that most perceptions of the industry are unwarranted and that it has given her an opportunity to better life. She sees Canada’s resource sector as a great place to create opportunities for Indigenous people and doesn’t want to see those jobs taken away.