Jack Layton’s campaign kick-off highlighted the well-known environmental issues with the oil sands. And a new report from National Bank Financial highlights the other sustainability problem facing Fort McMurray:
the break-even oil price required by new mining projects in the oil sands has jumped to $85 a barrel, an increase of $20 or 31% in barely more than a year.
The price of oil today? $106.34. The trend: down. The implications for the Canadian economy, entirely dependent on the fumes of commodities prices past for its meagre 2008 GDP performance: huge.