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Shell Loses Billions After Abandoning Tar Sands and Arctic Projects

HeadlineOct 29, 2015

And in Alberta, Canada, oil giant Shell has abandoned its plans for a massive tar sands mine, citing concerns that there aren’t enough pipelines to transport the crude oil. This comes after Shell also canceled its plans to drill in the Arctic. The construction of major pipelines such as Enbridge’s Northern Gateway pipeline and TransCanada’s Energy East pipeline, that would help move Alberta tar sands, have been delayed by massive resistance, especially by First Nations. In Ontario, Anishinaabe women disrupted one of TransCanada’s town hall meetings over the proposed pipeline in 2014.

Protester 1: “You guys are not welcome on Anishinaabe territory.”

Protester 2: “That’s coming from the women.”

Protester 3: “You’re not welcome here.”

TransCanada representative: “OK, thank you. Listen, if we’re not going to be able to
present information in a—”

Protester 4: “Your information is lies.”

TransCanada representative: “OK.”

Protester 4: “Your information is lies. You’re raping Mother Earth. You’re poisoning our water. You’re not listening to the women. We’re talking about our grandchildren and future generations. What are you going to tell your grandchildren? And what are your grandchildren going to tell their children when there’s no water?”

Today, Shell reported a loss of $7.4 billion for the third quarter of this year. That’s compared with a profit of $4.5 billion in the same quarter a year earlier. Shell’s losses are caused by declining revenue from low oil prices and the company having wasted billions on the now-canceled tar sands and Arctic projects.

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