Pulitzer winning climate news.
facebook twitter subscribe

MeltdownPreviewBlock

Tweets

ICNfreesubscription

KeystoneBeyondPreviewBlock

Donate to InsideClimate News through our secure page on Network for Good.

EagleFordProjectPreviewBlock

BloombergLegacyPreviewBlock

CleanBreakAdAmazon

‘Bitumen Bubble’ Means a Hard Reckoning for Alberta, Premier Redford Warns

Jan 25, 2013
(Globe and Mail)

Canada’s economic engine is sputtering, with sinking oil prices and a pipeline bottleneck driving a “bitumen bubble” that’s cutting deeply into Alberta’s bottom line, Premier Alison Redford says.

The province’s oil and gas royalties are now expected to fall $6-billion short of projections in the coming year, Ms. Redford said Thursday evening. That would amount to a 45-per-cent drop at a time when economies across Canada continue to sag and the federal government dials back revenue projections – underscoring how closely national fortunes are tied to the energy sector.