18th June 2021
Canada’s oil sands producers aim for net-zero emissions by 2050 without reducing oil production and expecting huge government subsidies
Fossil fuel companies representing 90 per cent of Canada’s oil sands production have announced a united target to achieve net-zero emissions by 2050. The goal involves the firms working collectively together and with the federal and Alberta governments. This would help Canada meet its own climate targets, for example the Paris Agreement commitments and 2050 net-zero aspirations.1
However, the plan includes no mention of reducing oil production. Decreasing the consumption of fossil fuels is absolutely critical to reducing global warming. To hide this, the ‘net zero’ initiative is limited to emissions from the extraction process only.2 These are as much as 2.2 times the emissions of conventional North American crude. But a much larger proportion of emissions come from consumers burning the oil post-refinement. These are conveniently omitted from the ‘net-zero’ strategy.3
In addition, the cash-rich oil companies are expecting significant financial support for their scheme, using taxpayers money. Reducing emissions means using a carbon capture, utilisation and storage (CCUS) trunkline. This requires large investments from the Canadian government, in addition to the industry, to research and develop CCUS.4 This is because CCUS technology at this scale does not even exist yet.5
The motivation behind the move is purely profit-driven. Prime Minister Justin Trudeau wants to increase the country’s carbon price as they edge closer to nationwide net-zero by 2050. Therefore, fossil fuel companies are under pressure to minimise their carbon footprints.6 Making false claims about ‘net-zero’ emissions targets whilst continuing to produce vast quantities of fossil fuel is the very definition of greenwashing.
21st May 2021
The UK government celebrates Canadian oil sands supporters on COP26 climate champions list
Earlier this month, the UK celebrated 26 “exceptional individuals” for their efforts to move Canada to net-zero emissions. Five of those selected work for – or are involved in financing – the fossil fuel industry, including Canada’s oil sands.7 These “Canadian climate champions” were chosen to mark six months until the international COP26 climate summit in Glasgow. The talks will focus on preventing climate change by transitioning away from fossil fuels.8
Martha Hall Findlay, Chief Sustainability Officer at Suncor Energy, was one of those praised for their environmental contributions.9 Suncor Energy’s business is rooted in Alberta. They hold one of the largest positions in Canada’s oil sands, according to their own website.10 Canada is the only G7 nation whose greenhouse gas emissions have grown since the Paris Agreement was signed in 2015. This is predominantly because of its tar sands industry.11
Valerie Chort, Vice President of Corporate Citizenship and Sustainability at the Royal Bank of Canada (RBC) also made the list. Since 2016, the RBC has invested USD $160 billion in fossil fuels.12 It was Canada’s biggest financier of fossil fuels in 2020. The RBC was also named among the 12 worst banks for financing fossil fuels globally between 2016 and 2020.13
23rd April 2021
First Nations challenge the oil sands industry over the Peace River Valley
First Nations Indigenous Peoples have raised funds to fight the further development of oil sands in Canada’s courts.14 Canadian NGO Respecting Aboriginal Values and Environmental Needs (RAVEN) is providing support. RAVEN has helped various Indigenous Peoples to fundraise for other legal battles with notable success.15
The West Moberly First Nations will begin a 120-day trial in spring 2022.16 They aim to halt construction on BC Hydro’s Site C Clean Energy Project (Site C).17 They also want to restore the Peace River Valley to its natural state.18 Site C is a third dam and hydroelectric generating station on the Peace River.19
Restoring the Peace River Valley would be a huge victory over Canada’s oil sands industry. Merely having the courts agree to hear these cases is a success in its own right.20
Canada’s oil sands
The Canadian oil sands remain a controversial issue. Environmentalists and Indigenous Peoples have fought against big oil companies in Alberta for years.21
Extracting bitumen from beneath the boreal forest degrades the area and produces carbon-intense emissions.22 It threatens Indigenous communities whose ancestors have lived in the boreal forest for thousands of years.23
How much crude oil does Alberta produce?
97 per cent of Canada’s oil reserves are in Alberta’s oil sands region.24 The industry produces about a billion barrels of crude per year. It has been a significant economic driver for Canada.25
The future of the oil sands industry
Currently, the future of Canada’s oil sands is uncertain. US President Biden’s revocation of a permit for the Keystone XL pipeline has helped block further oil sands development.26 57 major financial institutions have pledged to stop funding or insuring oil sands ventures.27 The world is moving towards a net-zero emissions future. Dirty oil sands production may become a thing of the past.
What are the Canadian oil sands?
The Canadian oil sands, also known as tar sands, are the largest deposit of crude oil on Earth.28 They are a mixture of sand, water, clay and bitumen – a type of highly viscous oil.29 Extracting the bitumen involves draining wetlands, diverting rivers, removing trees and vegetation, and displacing wildlife.30 Tar sands generate 2.2 times as many emissions per barrel than the average crude extracted in North America.31
Where are the Canadian oil sands?
The oil sands are located in three main regions of the province of Alberta. Athabasca oil sands are the largest area in the Canadian oil sands region. It is named after the Athabasca River that meanders through it. In places, the bitumen can be as thick as 150 metres. Athabasca oil sands are centred around the northern town of Fort McMurray. It is where the majority of industrial activities are concentrated. In total, it covers about 93,000 square kilometres (sq km).32
The second fields are southeast of Fort McMurray and are known as the Cold Lake area. Its deposits of bitumen are between 300 and 600 metres below the surface. Cold Lake oil sands span about 18,000 sq km.33
Peace River is the third deposit. It is located west of the Athabasca oil sands. It is the second-largest area of oil sands at 29,000 sq km. The deep deposits of Cold Lake and Peace River both necessitate in situ mining methods for extraction.34
How big is the Alberta tar sands region?
Collectively, Canada’s oil sands cover about 140,000 sq km.35 That is an area larger than England.36 The remaining reserves amount to about 162 billion barrels of crude oil.37 It is, therefore, the third-largest proven oil reserve.38 At present, the active mining footprint is about 1,030 km2.39 This represents a surface area greater in size than the City of Calgary.40
The scale of the Canadian oil sands production is immense. It is the world’s largest industrial project and has razed great swathes of the boreal forest to mine for bitumen. Tailings ponds, a by-product of open pit mining methods, are so large that they can be seen from space. If the province of Alberta were a country, it would be the fifth-largest oil-producing nation in the world, thanks to its tar sands.41
How to get a job in the Canadian oil sands
Alberta has the greatest concentration of onshore oilfield work in Canada.42 However, the sector has suffered repeated setbacks since the international price of crude collapsed between 2014 and 2016.43 Employment for the Canadian oil and gas industry consequently peaked in 2014 but has been primarily in decline ever since.44
The repercussions of COVID-19 plummeted the value of oil again in 2020.45 This caused US oil prices to dip below negative for the first time on record.46 Environmentalists and Indigenous Peoples have also fiercely opposed any expansion of oil sands operations.47 As a result, the Canadian oil and gas industry terminated about 53,119 jobs from 2014 through 2019.48
Who owns the Alberta tar sands?
A small number of oil sands producers dominate Canada’s oil industry. For example, just 25 companies accounted for more than 40 per cent of overall revenues between 2010 and 2015. Ownership is even more concentrated if any majority shareholder is considered to ‘own’ a company.49
In Alberta’s tar sands, there are about 120 active projects.50 They are owned by major oil companies from around the world, including Canada, the US and China.51 Together, oil production is about 2.95 million barrels per day.52
The present situation is transforming. Some companies have begun walking away from the high carbon projects in the Canadian oil sands.53 Exxon Mobil was once the largest owner of Canada’s fossil fuel sector and a big player in oil sands production.54 This year, however, it dropped 98 per cent of its reserves in Western Canada.55 Low oil prices coupled with the high price of extraction have made the region unprofitable for drilling – at least for now.56
Alberta oil sands environmental repercussions
One serious consequence of Alberta’s oil sands industry is the carbon emissions it causes. Burning fossil fuels, cutting down forests and altering land use releases vast quantities of carbon dioxide. Through these activities, humans have increased atmospheric CO2 concentration by 47 per cent since the Industrial Revolution. Carbon emissions are the most important long-term forcing of climate change.57
Alberta’s oil sands are subsequently primarily responsible for raising Canada’s average oil emissions to the fourth-most intensive in the world.58 Extracting and processing bitumen from oil sands generates 2.2 times as many greenhouse gas emissions per barrel as conventional oil.59 Considering the entire process from extraction to end-use, oil sands are associated with 31 per cent higher emissions than the average North American crude.60
The economic impact of Canada’s oil sands
Proponents of Alberta’s oil sands industry often argue that it is vital for economic and employment opportunities.61 However, Canada’s oil industry never recovered from the oil price collapse in 2014.62 In that same year, the country’s clean energy sector overtook oil sands as an employment provider.63 About 53,119 oil sands jobs were cut between 2014 and 2019.64 Another oil price slump in 2020 threw the industry into further instability.65
Alberta’s natural environment, job opportunities and economic growth would benefit from a transition away from oil sands. A shift in energy production from coal, oil and natural gas to clean renewable sources would provide more jobs and ultimately prevent global warming.
Sources
- www.worldoil.com. (n.d.). Canada’s major oil sands producers unite to achieve net zero 2050 carbon emission goals. [online] Available at: https://www.worldoil.com/news/2021/6/9/canada-s-major-oil-sands-producers-unite-to-achieve-net-zero-2050-carbon-emission-goals.
- Climate Home News. (2021). Tar sands companies aim for “net zero” by 2050 – with no plan to extract less oil. [online] Available at: https://www.climatechangenews.com/2021/06/10/tar-sands-companies-aim-net-zero-2050-no-plan-extract-less-oil/.
- Treehugger. (n.d.). Net-Zero Efforts of Canadian Oil Sands Companies Are Greenwashing. [online] Available at: https://www.treehugger.com/canadian-oil-sands-companies-to-be-net-zero-by-2050-or-not-5188795 [Accessed 18 Jun. 2021].
- www.worldoil.com. (n.d.). Canada’s major oil sands producers unite to achieve net zero 2050 carbon emission goals. [online] Available at: https://www.worldoil.com/news/2021/6/9/canada-s-major-oil-sands-producers-unite-to-achieve-net-zero-2050-carbon-emission-goals.
- Treehugger. (n.d.). Net-Zero Efforts of Canadian Oil Sands Companies Are Greenwashing. [online] Available at: https://www.treehugger.com/canadian-oil-sands-companies-to-be-net-zero-by-2050-or-not-5188795.
- Reuters. (2021). Canada’s oil sands producers form alliance to achieve net-zero emissions by 2050. [online] Available at: https://www.reuters.com/business/sustainable-business/canadas-oil-sands-producers-form-alliance-achieve-net-zero-emissions-by-2050-2021-06-09/ [Accessed 18 Jun. 2021].
- Barnett, A. and Collett-White, R. (2021). Government defends praising tar sands industry figures as COP26 “climate champions.” [online] Nation of Change. Available at: https://www.nationofchange.org/2021/05/10/government-defends-praising-tar-sands-industry-figures-as-cop26-climate-champions/ [Accessed 21 May 2021].
- The Independent. (2021). UK puts Canadian oil executive on Cop26 “climate champions” list. [online] Available at: https://www.independent.co.uk/climate-change/oil-executive-cop26-martha-hall-findlay-b1846320.html [Accessed 21 May 2021].
- The Independent. (2021). UK puts Canadian oil executive on Cop26 “climate champions” list. [online] Available at: https://www.independent.co.uk/climate-change/oil-executive-cop26-martha-hall-findlay-b1846320.html [Accessed 21 May 2021].
- Suncor.com. (2020). Oil Sands – About Us | Suncor. [online] Available at: https://www.suncor.com/en-ca/about-us/oil-sands [Accessed 21 May 2021].
- Austen, I. and Flavelle, C. (2021). Trudeau Was a Global Climate Hero. Now Canada Risks Falling Behind. The New York Times. [online] 21 Apr. Available at: https://www.nytimes.com/2021/04/21/world/canada/trudeau-climate-oil-sands.html.
- Barnett, A. and Collett-White, R. (2021). Government defends praising tar sands industry figures as COP26 “climate champions.” [online] Nation of Change. Available at: https://www.nationofchange.org/2021/05/10/government-defends-praising-tar-sands-industry-figures-as-cop26-climate-champions/ [Accessed 21 May 2021].
- financialpost. (n.d.). In energy-reliant Canada, banks and investors face dilemma in meeting emissions target. [online] Available at: https://financialpost.com/fp-finance/banking/in-energy-reliant-canada-banks-and-investors-face-dilemma-in-meeting-emissions-target-3 [Accessed 21 May 2021].
- rabble.ca. (2021). First Nations exercising treaty rights to fight tar sands and Site C development. [online] Available at: https://rabble.ca/blogs/bloggers/activist-toolkit-blog/2021/03/first-nations-exercising-treaty-rights-fight-tar-sands [Accessed 1 Apr. 2021].
- RAVEN Trust. (n.d.). How We Work. [online] Available at: https://raventrust.com/how-we-work/ [Accessed 1 Apr. 2021].
- rabble.ca. (2021). First Nations exercising treaty rights to fight tar sands and Site C development. [online] Available at: https://rabble.ca/blogs/bloggers/activist-toolkit-blog/2021/03/first-nations-exercising-treaty-rights-fight-tar-sands [Accessed 1 Apr. 2021].
- rabble.ca. (2021). First Nations exercising treaty rights to fight tar sands and Site C development. [online] Available at: https://rabble.ca/blogs/bloggers/activist-toolkit-blog/2021/03/first-nations-exercising-treaty-rights-fight-tar-sands [Accessed 1 Apr. 2021].
- rabble.ca. (2021). First Nations exercising treaty rights to fight tar sands and Site C development. [online] Available at: https://rabble.ca/blogs/bloggers/activist-toolkit-blog/2021/03/first-nations-exercising-treaty-rights-fight-tar-sands [Accessed 1 Apr. 2021].
- www.bchydro.com. (n.d.). Site C Clean Energy Project. [online] Available at: https://www.bchydro.com/energy-in-bc/projects/site_c.html.
- rabble.ca. (2021). First Nations exercising treaty rights to fight tar sands and Site C development. [online] Available at: https://rabble.ca/blogs/bloggers/activist-toolkit-blog/2021/03/first-nations-exercising-treaty-rights-fight-tar-sands [Accessed 1 Apr. 2021].
- the Guardian. (2014). Public opposition has cost tar sands industry $17bn, says report. [online] Available at: https://www.theguardian.com/environment/2014/nov/03/protests-tar-sands-industry-17bn-report [Accessed 18 Mar. 2021].
- January 10 and Greenfield, 2019 N. (n.d.). The Desire to Stop Canadian Tar Sands Transcends Borders. [online] NRDC. Available at: https://www.nrdc.org/stories/desire-stop-canadian-tar-sands-transcends-borders.
- January 10 and Greenfield, 2019 N. (n.d.). The Desire to Stop Canadian Tar Sands Transcends Borders. [online] NRDC. Available at: https://www.nrdc.org/stories/desire-stop-canadian-tar-sands-transcends-borders.
- Nrcan.gc.ca. (2017). Crude oil facts | Natural Resources Canada. [online] Available at: https://www.nrcan.gc.ca/science-data/data-analysis/energy-data-analysis/energy-facts/crude-oil-facts/20064.
- Yale Climate Connections. (2021). Canada’s oil sands industry is taking a big hit» Yale Climate Connections. [online] Available at: https://yaleclimateconnections.org/2021/03/canadas-oil-sands-industry-is-taking-a-big-hit/#:~:text=The%20oil%20sands%20industry%20produces [Accessed 18 Mar. 2021].
- Kusnetz, N. (2021). In Attacks on Environmental Advocates in Canada, a Disturbing Echo of Extremist Politics in the US. [online] Inside Climate News. Available at: https://insideclimatenews.org/news/24022021/tar-sands-alberta-keystone-canada-climate-denial/ [Accessed 18 Mar. 2021].
- Anon, (n.d.). Finance is leaving oil and gas : Institute for Energy Economics & Financial Analysis. [online] Available at: https://ieefa.org/finance-exiting-oil-and-gas/.
- CAPP. (2019). What Are the Oil Sands | Canada’s Oil Sands Facts & Information. [online] Available at: https://www.capp.ca/oil/what-are-the-oil-sands/.
- CAPP. (2019). What Are the Oil Sands | Canada’s Oil Sands Facts & Information. [online] Available at: https://www.capp.ca/oil/what-are-the-oil-sands/.
- Unu.edu. (2009). How Things Work: Canada’s Oil Sands – Our World. [online] Available at: https://ourworld.unu.edu/en/canadas-oil-sands.
- Institute, P. (n.d.). The Real GHG trend: Oilsands among the most carbon intensive crudes in North America. [online] Pembina Institute. Available at: https://www.pembina.org/blog/real-ghg-trend-oilsands#:~:text=When%20looking%20at%20the%20carbon.
- Alberta.ca. (2019). The Location of Oil Sands – Oil Sands – Alberta’s Energy Heritage. [online] Available at: http://history.alberta.ca/energyheritage/sands/origins/the-geology-of-the-oil-sands/the-location-of-oil-sands.aspx.
- Alberta.ca. (2019). The Location of Oil Sands – Oil Sands – Alberta’s Energy Heritage. [online] Available at: http://history.alberta.ca/energyheritage/sands/origins/the-geology-of-the-oil-sands/the-location-of-oil-sands.aspx.
- Alberta.ca. (2019). The Location of Oil Sands – Oil Sands – Alberta’s Energy Heritage. [online] Available at: http://history.alberta.ca/energyheritage/sands/origins/the-geology-of-the-oil-sands/the-location-of-oil-sands.aspx.
- Alberta.ca. (2019). The Location of Oil Sands – Oil Sands – Alberta’s Energy Heritage. [online] Available at: http://history.alberta.ca/energyheritage/sands/origins/the-geology-of-the-oil-sands/the-location-of-oil-sands.aspx.
- Unu.edu. (2009). How Things Work: Canada’s Oil Sands – Our World. [online] Available at: https://ourworld.unu.edu/en/canadas-oil-sands.
- Nrcan.gc.ca. (2017). Crude oil facts | Natural Resources Canada. [online] Available at: https://www.nrcan.gc.ca/science-data/data-analysis/energy-data-analysis/energy-facts/crude-oil-facts/20064.
- Leahy, S. (2019). Alberta, Canada’s oil sands is the world’s most destructive oil operation—and it’s growing. [online] Environment. Available at: https://www.nationalgeographic.com/environment/article/alberta-canadas-tar-sands-is-growing-but-indigenous-people-fight-back.
- CAPP. (n.d.). What Are the Oil Sands | Canada’s Oil Sands Facts & Information. [online] Available at: https://www.capp.ca/oil/what-are-the-oil-sands/#:~:text=Where%20Are%20Canada.
- CAPP. (n.d.). What Are the Oil Sands | Canada’s Oil Sands Facts & Information. [online] Available at: https://www.capp.ca/oil/what-are-the-oil-sands/#:~:text=Where%20Are%20Canada.
- Leahy, S. (2019). Alberta, Canada’s oil sands is the world’s most destructive oil operation—and it’s growing. [online] Environment. Available at: https://www.nationalgeographic.com/environment/article/alberta-canadas-tar-sands-is-growing-but-indigenous-people-fight-back.
- C, O. and Davies, ace A. – (2017). How to Find and Apply to Oilfield Jobs in Canada. [online] Canadian Resume Writing Service. Available at: https://canadian-resume-service.com/job-search/find-apply-oilfield-jobs-canada/ [Accessed 17 Mar. 2021].
- pemedianetwork.com. (n.d.). Canada’s oil sands under siege. [online] Available at: https://pemedianetwork.com/petroleum-economist/articles/upstream/2020/canada-s-oil-sands-under-siege [Accessed 17 Mar. 2021].
- Parkland Institute. (n.d.). The Future of Alberta’s Oil Sands Industry: More Production, Less Capital, Fewer Jobs. [online] Available at: https://www.parklandinstitute.ca/the_future_of_albertas_oil_sands_industry.
- Sharma, R. (n.d.). What Happened to Oil Prices in 2017. [online] Investopedia. Available at: https://www.investopedia.com/articles/investing/100615/will-oil-prices-go-2017.asp.
- Sharma, R. (n.d.). What Happened to Oil Prices in 2017. [online] Investopedia. Available at: https://www.investopedia.com/articles/investing/100615/will-oil-prices-go-2017.asp.
- Leahy, S. (2019). Alberta, Canada’s oil sands is the world’s most destructive oil operation—and it’s growing. [online] Environment. Available at: https://www.nationalgeographic.com/environment/article/alberta-canadas-tar-sands-is-growing-but-indigenous-people-fight-back.
- Parkland Institute. (n.d.). The Future of Alberta’s Oil Sands Industry: More Production, Less Capital, Fewer Jobs. [online] Available at: https://www.parklandinstitute.ca/the_future_of_albertas_oil_sands_industry.
- Parkland Institute. (n.d.). Who Owns Canada’s Fossil-Fuel Sector?: Mapping the Network of Ownership & Control. [online] Available at: https://www.parklandinstitute.ca/who_owns_canadas_fossil_fuel_sector [Accessed 18 Mar. 2021].
- Alberta Energy (MD), O.S.O. (2017). Alberta’s Oil Sands Projects and Upgraders. Available at: https://open.alberta.ca/dataset/7be7a829-ec09-44bc-94e5-ca42e0af9b8d/resource/431548c9-617c-467d-bf70-18e50261d4eb/download/oilsands-projects.pdf [Accessed 18 Mar. 2021].
- Alberta Energy (MD), O.S.O. (2017). Alberta’s Oil Sands Projects and Upgraders. Available at: https://open.alberta.ca/dataset/7be7a829-ec09-44bc-94e5-ca42e0af9b8d/resource/431548c9-617c-467d-bf70-18e50261d4eb/download/oilsands-projects.pdf [Accessed 18 Mar. 2021].
- Nrcan.gc.ca. (2017). Crude oil facts | Natural Resources Canada. [online] Available at: https://www.nrcan.gc.ca/science-data/data-analysis/energy-data-analysis/energy-facts/crude-oil-facts/20064.
- Nrcan.gc.ca. (2017). Crude oil facts | Natural Resources Canada. [online] Available at: https://www.nrcan.gc.ca/science-data/data-analysis/energy-data-analysis/energy-facts/crude-oil-facts/20064.
- Parkland Institute. (n.d.). Who Owns Canada’s Fossil-Fuel Sector?: Mapping the Network of Ownership & Control. [online] Available at: https://www.parklandinstitute.ca/who_owns_canadas_fossil_fuel_sector.
- Crowley, K. (2021). Exxon erases oil sands as reserves plummet. [online] Houston Chronicle. Available at: https://www.houstonchronicle.com/business/energy/article/Exxon-Reserves-Plunge-32-After-Historic-15979415.php.
- Crowley, K. (2021). Exxon erases oil sands as reserves plummet. [online] Houston Chronicle. Available at: https://www.houstonchronicle.com/business/energy/article/Exxon-Reserves-Plunge-32-After-Historic-15979415.php.
- NASA (2018). The Causes of Climate Change. [online] Climate Change: Vital Signs of the Planet. Available at: https://climate.nasa.gov/causes/.
- October 16, J.M. and 2019 (2019). Scrubbing the oil sands’ record. [online] Macleans.ca. Available at: https://www.macleans.ca/economy/scrubbing-the-oil-sands-record/.
- Institute, P. (n.d.). The Real GHG trend: Oilsands among the most carbon intensive crudes in North America. [online] Pembina Institute. Available at: https://www.pembina.org/blog/real-ghg-trend-oilsands#:~:text=When%20looking%20at%20the%20carbon.
- Institute, P. (n.d.). The Real GHG trend: Oilsands among the most carbon intensive crudes in North America. [online] Pembina Institute. Available at: https://www.pembina.org/blog/real-ghg-trend-oilsands#:~:text=When%20looking%20at%20the%20carbon.
- Nrcan.gc.ca. (2014). Oil Sands: Economic contributions | Natural Resources Canada. [online] Available at: https://www.nrcan.gc.ca/energy/publications/18756.
- financialpost. (n.d.). Oil price war tests Canadian energy producers’ years-long drive to cut costs. [online] Available at: https://financialpost.com/commodities/energy/oil-price-war-tests-canadian-energy-producers-years-long-drive-to-cut-costs.
- Green energy sector jobs surpass total oil sands employment. (n.d.). The Globe and Mail. [online] Available at: https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/green-energy-sector-jobs-surpass-oil-sand-employment-total/article21859169/.
- Parkland Institute. (n.d.). The Future of Alberta’s Oil Sands Industry: More Production, Less Capital, Fewer Jobs. [online] Available at: https://www.parklandinstitute.ca/the_future_of_albertas_oil_sands_industry.
- Sharma, R. (n.d.). What Happened to Oil Prices in 2017. [online] Investopedia. Available at: https://www.investopedia.com/articles/investing/100615/will-oil-prices-go-2017.asp.