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Alberta energy minister says oil price spike won’t increase industry cleanup spending

Alberta’s vitality minister says the current spike in oil prices isn’t sufficient purpose to require the trade to spend extra on cleansing up the tens of hundreds of deserted oil and gasoline wells within the province.

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Sonya Savage says the province’s not too long ago adopted plan to repair the issue, which requires trade to spend $422 million subsequent yr and barely extra after that, is a good and balanced method.

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She says it takes into consideration the trade’s present troubles and its anticipated future progress.

Oil costs have spiked to $80 a barrel and are anticipated to climb larger.

Learn extra:
Canadians hit with all-time record gas prices ahead of Thanksgiving long weekend

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Some trade analysts have mentioned the earnings these costs will generate ought to assist fund the cleanup of almost 100,000 deserted wells in Alberta, a challenge that may value tens of billions of {dollars}.


Click to play video:'Is Alberta on verge of another oil and gas boom?'







Is Alberta on verge of one other oil and gasoline increase?


Is Alberta on verge of one other oil and gasoline increase?

Consultants like Sara Hastings-Simon on the College of Calgary’s Faculty of Public Coverage say this can be Alberta’s final probability to get the cash from trade.

However Savage says present spending necessities will make a significant distinction and could possibly be elevated two years down the street.




© 2021 The Canadian Press


https://globalnews.ca/information/8254763/alberta-oil-price-spike-abandoned-well-cleanup/ | Alberta vitality minister says oil value spike received’t enhance trade cleanup spending

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