By David Fessler The current oil sands extraction method is a slow-motion, climate-destroying train wreck.
Fortunately, it looks like this process may be coming to an end.
Over the last five years, the oil sands industry has reduced its production costs by one-third. This took the break-even price for its crude down to $50 per barrel.
Then the COVID-19 pandemic struck. As a result, crude demand fell. And this big drop in demand briefly took all crude prices negative.
Today, West Texas Intermediate (WTI) crude has recovered to trade around $40 per barrel.
But as of this writing, Western Canadian Select (WCS) – oil sands crude – is …read more
