The Financial Post reports in its Wednesday edition that executives at Canada's five largest oil companies pushed back against suggestions Tuesday that their industry was in the twilight of its industrial life, as each company detailed growth plans in the face of carbon taxes and pipeline constraints. The Post's Geoffrey Morgan quotes
Husky Energy chief executive officer Rob Peabody telling a Calgary investment conference, "I think we've come through a period, and I think we're closer to the end of it, of people looking at the oil and gas industry almost as a twilight industry." He added that there was a "huge" demand for oil products for at least the next 50 years.
The International Energy Agency, the U.S. Energy Information Administration and OPEC all project the worldwide demand for oil soon reaching 100 million barrels per day despite the rise of electric vehicles and the growth of renewable energy sources.
Mr. Peabody and his rivals at Suncor, Canadian Natural Resources, Cenovus and Imperial Oil have all seen their companies' share prices hurt by negative investor sentiment toward the oil sands as a result of concerns about carbon intensity as well as regulatory, tax, pipeline and price problems.
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