On the same day Keystone XL was officially axed, Alberta's oil and gas industry made two massive bets designed to extend the life of the oilsands indefinitely.
Another Canadian
Construction on the pipeline was suspended earlier this year after newly elected U.S. President Joe Biden fulfilled a campaign promise to cancel its presidential permit in January.
Strategy includes Suncor helping its customers contribute to a net-zero world by providing them with cleaner energy choices such as renewable fuels and the Petro-Canada Electric Highway.
In the short-term, however, the International Energy Agency expects global oil demand to reach around 99 million barrels per day by year-end -- up from 93 million barrels per day in the first quarter of 2021.
Chevron Canada Ltd., the operator of the project, said earlier this year that it would stop funding further feasibility work on the project and put its stake up for sale.
Michigan Gov. Gretchen Whitmer, a top Biden ally, ordered Canadian energy company Enbridge last fall to shut down its Line 5 - a key piece of a crude delivery network from Alberta's oil fields to refineries in the U.S. Midwest and eastern Canada.
As some countries have picked up the pace of distributing vaccines, there are glimmers of hope that the pandemic may get under control and economies will recover. Oil companies anticipate that will mean more cars on the road and planes in the air.
