It was announced this week, three international oil industry giants will move full speed ahead in northern Alberta oil sands development despite rising costs and increased royalties. Wasn't it reported a few months ago the royalties were going to destroy the oil sands? Total E&P Canada (H.O. France) will spend $10-$15 billion over the next few years on an Edmonton area upgrader and new mines, requiring 1,500 new employees. StatoilHydro Canada Ltd. (H.O. Norway) plans to do 200,000 barrels of bitumen a day in a Fort Saskatchewan upgrader. Marathon Oil (H.O. U.S.) is planning on quadrupling production of refining and is spending billions here to achieve it, and this is only the beginning. It's estimated that 100,000 new jobs will need to be filled over the next 18 months in Northern Alberta. All of these new faces will need new places. So the sky is not falling, on the contrary...it's going to be a bright, bright, sunshiny day.
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