The oil sands could be brought into compliance with Kyoto emissions-cutting targets at a cost of about $1 per barrel of oil produced, a Commons committee was told Tuesday.
Lambert said it costs $20 to $30 per to produce a barrel from the oil sands. Oil is selling at around $60, and Suncor earned $2.97 billion in profit last year, up from $1.168 billion in 2005.
What's this, an oil company open to Kyoto:
Lambert said his company prefers an intensity target and consultation on further steps. Suncor also wants access to international trading under the Kyoto system.
"Access to the Kyoto mechanisms and purchase of international reductions would be absolutely essential as an element of a plan of that type (recommended by Pembina).''
Liberal MP Francis Scarpaleggia said industry seems to be reluctant to be proactive on the climate issue.
"I hear that everything's going well, the market's strong, profits are good, but just leave us alone. That's the message I hear from a lot of industry sectors and especially the oil industry.
"It's like we can't do anything unless we're giving you money to develop technology.''
From The Pembina Institute, another figure to put the ruin into perspective:
For coal-fired electricity generation, meeting the target would cost on the order of one cent per kilowatt-hour. This cost would fall as government-funded investments in renewable energy and energy efficiency come onstream.
The one dollar a barrel argument puts everything into perspective. Quick math, around a 4% increase in cost per barrel. A pitance, when you factor in the OBSCENE profits these companies extract. Obviously, there is room for these companies to improve techniques, without the government ponying up money. Some of these entities outpace many countries GDP, so let's keep it real when arguing about devastation. Besides, they will just tack the extra dollar onto the price and consumers will pay, just like they always do.