Essay On The Future Of The Energy Industry

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What is the future of the energy industry in Canada? A big uncertainty that arises for the energy industry in Canada surrounds the new U.S. administration. According to National Resources Canada, Canada currently exports 99% of its oil and gas to the U.S. (2017a). If Trump were to revise the current NAFTA agreement, and impose a tax on imports to the U.S. from Canada, it could result in Canada losing a major partner, and cause the economy to take a hit. As mentioned, President Trump is in support of the Keystone XL pipeline, however, that then also comes under scrutiny for how much of the profit would Trump expect. As of November 2017, the Keystone XL pipeline is approved, but on an alternative route, and it still faces challenges. If…show more content…
However, emissions “per barrel of oil produced in the oil sands have fallen over 35% since 1990,” (Government of Canada, 2017a). It is good that Canada is taking steps to reduce their carbon footprint, but the future of Canada as a member of the Paris Agreement is uncertain if Canada does not take more tangible steps to reduce the production and emission of greenhouse gases. What is Suncor’s Future? Based on the challenges identified, and the way that Suncor approaches these challenges, the future looks bright for Suncor. As the case study points out, water use is an environmental issue that requires careful management (Vietor, 2016, p.7). The major oil producing companies were taking measures to reduce the amount of fresh water they were withdrawing from the Athabasca River, and the Canadian government had restricted withdrawals to 5.2% of the river’s median flow (Vietor, 2016, p.7). In 2015, Suncor more than exceeded their goal of reducing their water usage. The government regulated that they could use “59.8 million cubic meters annually,” however, their 2014 usage was only “18.65 million cubic meters,” (Vietor, 2016 p.12). This demonstrates that Suncor is on track to meet national demands and constraints placed on the energy industry. As they are ahead of the game in this regard, they set precedence for other oil and gas companies in the industry, and this action encourages them to reduce their own water consumption in the future. As Suncor has already achieved
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