BOSTON — A report says the oilsands could be a riskier place to invest for the long-term than the Gulf of Mexico.
The world’s attention has been focused on the ruptured oil rig that has been spewing crude oil into the Gulf for nearly a month.
But the report by RiskMetrics Group likened development of Alberta’s oilsands to the Gulf of Mexico disaster playing out in slow motion.
The well-known U.S. risk management firm says oilsands operators could see their revenues diminished by their thirst for water and natural gas, as well as uncertainty around climate change regulations.
The report acknowledges that energy companies won’t abandon the oilsands any time soon, but urges them to better manage those risks.
Ceres, a coalition of investors and environmentalists, commissioned the report.