Suncor is hauling on the reins, slowing oilsands expansion plans to a walk, if not a crawl.
With no Keystone XL pipeline to the south and no Northern Gateway pipeline to the west, our bitumen and synthetic crude oil is stranded in Fort McMurray.
North America is awash in oil. There’s more of the stuff thanks to new discoveries and new recovery technology in the USA. Consumption is dropping as the American economy remains stagnant and vehicles use less fuel. The price is dropping. Gasoline is below a buck a litre at the pumps. Great for Martha and Henry’s day-to-day budget. Not so great if Henry loses his oil-services job.
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