Major oil-sands project in Canada to be delayed due to slump in oil prices

Articles — By on November 17, 2008 11:35 am

Canada’s third largest oil company, Petro-Canada announced that it is delaying the major Fort Hills oil-sands mining project in Alberta due to the slumping price of oil.  With oil-sands projects only being profitable when the price of crude is over approximately $95 per barrel, the project would have been deep in the red with oil currently below $60.  

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