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Shell cancels $2B project MINUTES after Alberta NDP budget
Posted
October 28, 2015
Views
54,088
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462
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October 28, 2015
54,088
462
219
1.26%
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6:40Now PlayingEzra Levant of TheRebel.media reports: The giant oil company Shell announced they’re cancelling an oilsands megaproject in Alberta, called Carmon Creek.
It’s a disaster for Shell — they’re writing off $2 billion dollars. More importantly, 1,450 Canadian families are out jobs.
And of course the 80,000 barrels of oil per day that Carmon Creek was going to produce is gone too. Even at forty dollars a barrel, that’s $3 million a day.
Obviously low world oil prices are part of the problem. But Shell is still investing billions in other parts of the world.
So why did they announce they were killing the project yesterday, at 3:46 p.m. Alberta time?
Well it’s obvious. Because they were waiting to see what Alberta’s first NDP Budget looked like. It confirmed their worst fears. So they pulled the plug.
Shell cancels $2B oilsands project MINUTES after Alberta NDP unveils "attack budget"; 1450 jobs gone
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