Future of oilsands at a crossroads as industry awaits key political decisions - 660 NEWS
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Future of oilsands at a crossroads as industry awaits key political decisions

Before the summer of 2013 is out, American President Barack Obama is expected to make a decision on the fate of the Keystone XL Pipeline Project, which would boost oilsands bitumen shipments to the U.S. Gulf coast.

Across the pond, the European Union will also make a final decision in June on whether to attach the label “dirty” to oilsands products.

The man who penned a new article in the latest edition of Maclean’s Magazine says he’s not surprised that years after Ottawa proclaimed Canada as an emerging energy super power, the industry is still struggling to grow and gain global acceptance.

Chris Sorensen is the man behind “Oilsands crisis: How we are blowing the biggest money-making opportunity in our history.”

Sorensen tells 660News from his research, it looks like political and industry leaders overestimated demand for oilsands bitumen, while underestimating the impact the environmental movement would have on its development.

He also says a lack of pipeline capacity to move oilsands product off the continent has stifled the promised economic returns Alberta and the rest of the country was supposed to enjoy from the third largest oil reserve on the planet.

Meanwhile, the Keystone XL Pipeline Project has received the backing of highly respected scientific journal, Nature.

An article states the environmental impact of the pipeline has been exaggerated and suggests if President Obama wants to address climate issues, he should start with shutting down power and utility companies that are still using coal.

It also suggests from a climate perspective oilsands bitumen is not as dirty as many people believe.