Canada’s urgent hunt for buyers for its oil is being thwarted as the European Commission sticks to a plan to label fuel from tar sands deposits as highly polluting, deterring refiners bound by environmental rules. Intense pressure from Canada, seeking new markets to compensate for dwindling U.S. buying and discounted sales, has not convinced the EU executive to abandon its proposal to brand tar sands oil as more carbon-intensive than conventional crude.Historically, Canada has exported very little oil to Europe, but that could change as U.S. shale oil has reduced its dependence on Canadian oil, meaning there is Canadian oil to spare. Delayed pipeline projects, such as TransCanada Corp’s Keystone XL pipeline to Texas have added to the surplus, leaving Canada to sell at a deep discount and Alberta scrambling to tackle a budget crisis.http://business.financialpost.com/2013/01/30/eu-executive-th...Cheers,jaagu
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar<