Emissions Cap Not Possible Without Oil, Gas Production Cuts: Deloitte

Canadian oil and gas companies facing a federally imposed emissions cap will decide to cut their production rather than invest in too-expensive carbon capture and storage technology, a new report by Deloitte says. The Alberta government-commissioned report—a copy of which was obtained by The Canadian Press—aims to assess the economic impact of the proposed cap. Its findings contradict the federal government’s stance that its proposed cap on greenhouse gas emissions from the oil and gas sector would be a cap on pollution, not a cap on production. And it supports Alberta’s position that a mandated cap would lead to production curtailments and severe economic consequences....