After the Canadian province of Alberta announced last week that it was establishing an “Oil Sands Advisory Group” (OSAG), to advise the government on the tar sands aspects of its Climate Leadership Plan it immediately caused an out-cry from opposition groups and some parts of the oil industry.
“The American people will wake up tomorrow morning shaking their heads when they learn that a small group of radical Republican house members is trying to block a serious law enforcement investigation of potential fraud at Exxon.”
The oil industry is a market built on the old market fundamentals of supply and demand and the flux between the two will impact how much we pay for our oil or gas.
As the US shale industry comes under increasing scrutiny for its environmental and health impact, it has emerged that the US has secretly approved fracking offshore leading to billions of gallons of waste-water to be dumped at sea.
One of the last arguments used to by climate sceptics to try and argue that global warming is not happening has just been debunked by a new scientific study.
According to a new analysis the US now holds more oil reserves than Saudi Arabia and Russia, the first time this has happened. The crux though will be whether the US shale industry can access the finance to carry on exploiting shale. And that remains to be seen.
