The US and Canada, rely heavily on fossil fuel production and exports. But the surging market penetration of renewable energy technologies, energy efficiency improvements, and climate emission policies will substantially reduce the global demand for fossil fuels.
As the demand for fossil fuels declines and the price of oil falls, the impact on the oil industry in the US and Canada is severe--curtailing production and stranding their assets. The oil sands are exceptionally vulnerable, and the purchase of the Trans Mountain pipeline by the Canadian government looks like a colossal mistake. Read More