Why Royal Dutch Shell Is Quitting Canada's Oil Sands

Are Canada’s oil sands losing their luster? More than a decade ago, big multinational energy companies were flocking to the Western province of Alberta in droves, lured by a wealth of heavy crude in its bitumen-rich sands when oil was trading north of $100 a barrel.

Royal Dutch Shell

But when prices headed south and stayed there, some international energy giants began leaving, minimizing their involvement with what is among the most expensive and environmentally damaging methods of fossil-fuel extraction. While the shift has benefitted some regional oil companies, it has also ignited fresh worries about development prospects in Canada, the third-largest holder of oil reserves, behind Venezuela and Saudi Arabia.

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