Oilsands are vital

Naysayers and environmental activists may beg to differ, but it’s apparent the oilsands, which mark 50 years of commercial productivity this week, have a bright future.

Only Venezuela and Saudi Arabia have larger oil reserves than Canada, and 97 per cent of our nation’s assets are located in the oilsands. Alberta is sitting on billions of barrels of heavy oil, which are expected to contribute $4 trillion to the country’s economy over the next two decades, according to the Canadian Energy Research Institute.

Suncor Energy CEO Steve Williams says the belief that the oilsands are a high-cost source of oil and an environmental laggard are increasingly becoming myths. Williams says Suncor can cover its operating costs and dividend at US$37 per barrel this year.

“We’ve already got oilsands to a position where (emissions are) broadly equivalent to other crudes on this continent, and we’re in a position to take it to an even better position,” he said.

As energy leaders position the industry for the future, it’s essential that quick progress is made on the expansion of pipeline capacity, especially those projects that have received approval. The National Energy Board should remove hurdles that jeopardize a balanced review of the proposed Energy East pipeline.

Canadians can be proud of the oilsands and the contribution made to the country’s prosperity by mining an essential resource.