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A week ago, President Joe Biden did what many in Alberta feared: he revoked the permit for the Keystone XL pipeline—on his first day as President, no less. The move angered many in Alberta. After all, oil producers in the province are already starved for pipelines, and TV Energy had just started inviting bids for capacity on the new pipeline. Alberta Premier Kenney called the revocation a gut punch and an insult, and threatened to sue. Meanwhile, Federal PM Justin Trudeau expressed mild disappointment. Just a few days later, the Alberta Energy Regulator reported record-high oil sands production at the end of last year. Alberta’s oil industry is in a very strange place. There is plenty of demand for its product, and many see this demand rising , largely thanks to a decline in Mexican heavy oil production that normally goes to U.S. Gulf Coast refineries. And now, there is plenty of production—at 3.16 million bpd as of November 2020—to go around. It’s not just more production but also lower-emissions production, as Alberta oil producers join the ranks of companies with growing environmental consciousness. Two Alberta companies have even gone net-negative in the emissions segment by using carbon capture […]
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