STOP: Stop Tar Sands Operations Permanently

Just another weblog

Posts Tagged ‘investment’

Tar Sands – the new toxic investment

Posted by mhudema on September 17, 2008

Environment: Tar sands – the new toxic investment

Report warns against oil industry’s equivalent of the sub-prime mortgage crisis

Shell and BP have been warned by investors that their involvement in unconventional energy production such as Canada’s oil sands could turn out to be the industry’s equivalent of the sub-prime lending that poisoned the banking sector and triggered the current financial crisis.

The criticism came as a report was released yesterday warning of the potential financial risks of tar sands, and members of the UK Social Investment Forum met in London to consider a Co-op Investments campaign on halting oil industry involvement in the carbon-intensive oil projects.

The report, BP and Shell, Rising Risks in Tar Sands Investment, co-authored by Greenpeace and fellow campaign group Platform, argues that oil majors are trying to make up a shortfall in conventional reserves by an irresponsible dash to extract oil from bitumen and other sources.

Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , , , , , | 1 Comment »

Abandon Tarsands says Investor

Posted by mhudema on September 15, 2008

Abandon oil sands, urges big investor

One of Britain’s biggest investors will launch a campaign this week to persuade Shell and BP to drop their plans for heavy investment in oil sands and shale projects in North America.

Co-operative Asset Management is concerned that the huge environmental costs of producing crude from oil sands or shale could change the economics of these so-called ‘unconventional’ fuel sources, putting the oil companies and their investors at risk of a huge wasted investment. Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , , , , | Leave a Comment »

Norway’s Oil Fund Eclipses Alberta

Posted by mhudema on July 31, 2008

The article below is on Norway’s Oil Fund which was patterned after Alberta’s Heritage Fund. It was created in 1991, 15 years after Alberta’s fund. The Norwegian fund has grown to $390 billion while there is only $17 billion in Alberta’s fund. The other striking difference between the two funds is that mich if the success of Norway’s fund is attributed to the complete transparency of all aspects of its administration. As we all know, the Alberta Government doesn’t know what the word transparency means.


PrintSend to a friend

NORWAY: Oil Fund Finds Ethical Success
By Tarjei Kidd Olsen

OSLO, Jul 31 (IPS) – Norway’s ‘oil fund’ has risen to become the second largest fund in the world despite housing an ethical investments council which has kicked out major companies such as Wal-Mart, Lockheed Martin and Boeing.

The ‘oil fund’, properly called the Government Pension Fund – Global, and worth an estimated 390 billion dollars, has become the world’s second largest sovereign wealth fund, now only trailing the Abu Dhabi Investment Authority after overtaking the Dutch fund for public employees.

Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , | Leave a Comment »

No Celebration for High Oil Prices in Cowtown

Posted by mhudema on July 15, 2008

Here’s one stampede Calgary isn’t celebrating

Headshot of Derek DeCloet

CALGARY — The cowboy hats are back on the closet shelf; the cartoonish western window paintings that decorate most of the downtown office buildings here will soon be scrubbed away. The Calgary Stampede – a 10-day party during which “the productivity rate goes down and the birth rate goes up,” as one financial type puts it – is over. But in the oil patch, a sense of excitement remains.

Or does it? With oil above $140 (U.S.) a barrel and natural gas prices in the double digits, you might think you’d be able to literally smell the money in Canada’s energy capital. But the unmistakable scent of prosperity is tinged with – what is it? “Fear” is too strong a word. But “worry” isn’t far off.

“It’s not fun,” says Jim Davidson, chief executive officer of First Energy Capital.

Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , , | Leave a Comment »

Clarity Wanted

Posted by mhudema on July 4, 2008

Statoil, Nexen Demand Regulatory Clarity for Canada Projects

By Eduard Gismatullin and Marianne Stigset

July 2 (Bloomberg) — StatoilHydro ASA, Norway’s largest oil producer, and Nexen Inc. called for “clarity” in Canadian regulation governing Alberta’s tar-sand projects before they proceed with investment in refineries.

Nexen, based in Calgary, has put on hold expansion of an upgrader at its C$6.1 billion ($6 billion) Long Lake refining project in Alberta, Chairman Francis Saville said today in Madrid, where he’s attending the World Petroleum Congress. StatoilHydro in May postponed the start of an upgrader, a crude-processing unit, at its Canadian oil-sands project by two years to 2016.

Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , , | Leave a Comment »

Conservatives Reward Friends with Tar Sands Denial Contract

Posted by mhudema on July 4, 2008

Wednesday, July 02, 2008

Alberta Conservatives pay off buddies with tax money.

Rebranding Alberta contract awarded to Tory-friendly ad firm
Link downplayed, but opposition parties say money best spent elsewhere
Published June 26, 2008 by Trevor Howell

There is no end to the crap this outfit goes into.

On June 20, an advertising firm with ties to Premier Ed Stelmach’s campaign team was awarded a $25-million contract to “rebrand” Alberta. With little fanfare and no official announcement by the Alberta government, Calder Bateman Communications and Identica (a division of Cossette Communications Group) were given the lucrative contract. Margaret Bateman, a co-founder of Calder Bateman, is a former managing director of the government’s Public Affairs Bureau, the department that awarded the contract. She is also listed as a member of Stelmach’s election campaign team.
Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , , | Leave a Comment »

Investment and the Tar Sands

Posted by mhudema on June 27, 2008

June 26, 2008

Shelley Alpern on How Tar Sands Perpetuate Petro-Addiction
by Bill Baue

SocialFunds writer Bill Baue speaks with Shelley Alpern of Trillium Asset Management about its shareholder activism on oil company exploitation of tar sands. — In a 2006 Rolling Stone interview, Al Gore infamously likened the practice of extracting oil from tar sands to “junkies find[ing] veins in their toes” to inject heroin. Gore’s image simply extends to its logical conclusion George Bush’s 2006 State of the Union “addicted to oil” metaphor. Clean, renewable energy represents a healthy cure for petro-addiction. Tar sands, which increase the carbon intensity of petroleum extraction, represent an exacerbation of the climate-changing addiction — kind of like trying to cure heroin addiction by injecting arsenic.

SocialFunds writer Bill Baue recently spoke with Shelley Alpern, director of social research and advocacy at Trillium Asset Management, about her shareholder activism asking oil companies such as ConocoPhillips and BP to assess and disclose the social, environmental, and financial risks of tar sands exploitation.
Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , , , , | Leave a Comment »

Tar Sands and the OECD

Posted by mhudema on June 22, 2008

The OECD and the Tar Sands

The 2008 OECD Survey of Canada incorporates a long and surprisingly critical overview of developments in the energy sector, with a major focus on the tar sands. (Chapter 4). It is, in many respects, far closer to the views of the Pembina Institute and the Parkland Institute in Alberta than to those of the Alberta and federal governments, and even endorses some ideas advanced in last year’s Alternative Federal Budget from the Canadian Centre for Policy Alternatives.,3343,fr_2649_201185_40732867_1_1_1_1,00.html

Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , , | Leave a Comment »

Want High Gas Prices? Invest in Tar Sands!

Posted by mhudema on June 19, 2008

June 18, 2008

Posted by Josh Mogerman in Moving Beyond Oil

ConocoPhillips, gas, refinery, tarsands

Prices at the pump are hitting us all pretty hard. Everyone is looking for a quick fix. And everyone is looking for someone to blame.

NRDC’s recent win against the ConocoPhillips Wood River Refinery air permits gave a target to some folks with a troubling agenda.

Last week a U.S. EPA appeals board sided with NRDC and the American Bottom Conservancy, effectively rejecting permits that were too lax. The decision probably set a precedent that other refinery expansions will need to live up to from here on out to keep more dangerous pollutants out of the air in nearby communities. While we have a lot of problems with the stuff that this facility will be refining, the case was all about forcing this $4 billion expansion project to live up to the rule of law. At a time of record oil company profits, we really should not ask kids in East St. Louis to pay the refinery’s environmental costs with asthma and the folks in Alton deserve the same environmental protections enjoyed by Californians. The law says best available technology is required—and that is where you will find it.

Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , , | 1 Comment »

Investing in Environmental Destruction and Cultural Genocide

Posted by mhudema on June 17, 2008

Petroleum meeting greeted by protesters

Investors at a petroleum symposium in Calgary Monday were challenged to taste water taken from Lake Athabasca in northern Alberta.
Investors at a petroleum symposium in Calgary Monday were challenged to taste water taken from Lake Athabasca in northern Alberta. (CBC)Oilsands protesters challenged investors at a Calgary petroleum conference on Monday to drink from bottles of murky water from Lake Athabasca, which sits near Alberta’s major oilsands developments.

Environmentalists joined residents from the Fort Chipewyan area in northern Alberta at the annual symposium of the Canadian Association of Petroleum Producers to ask the oil and gas industry to slow down development long enough to fully study the water supply downstream from oilsands projects.

The protesters also wanted to attract the attention of hundreds of investors at the symposium.

“Our kids, my children, they swim in that water. They drink that water every day. They drink it and we drink it out of our taps, so if it’s safe, they should be able to take a drink of it too,” Lionel Lepine, a member of the 1,500-member Athabasca Fort Chipewyan First Nation, told CBC News outside the downtown meeting. Read the rest of this entry »

Posted in Uncategorized | Tagged: , , , , , , , , , , , , , | Leave a Comment »