Yeah!!! Some sort of good news for a Monday morning [Jan 25 2010] -
Short of shutting it in altogether it is at least good news that Shell Oil is not going to expand the Tar Sands operations in Alberta.
Shell cites the higher tar sands operation's costs as the reason, and that "going for conventional oil" is once again Shell's focus, as the reason to scale back their tar sands plans. I think there is plenty of conventional oil to be found yet, we will never run out of that [but we might run out of atmosphere to put the pollution in!!]
Also, oil looks steady at $75/bbl, and tar sands bitumen is profitable at that price but not like it was at $150/bbl.
Articles, etc links: