“The Biggest Environmental Crime in History”

The record profits earned by oil companies could go for researching oil substitutes – energy alternatives – rather than developing technology to extract every last drop of oil from the ground, argue environmentalists. BP executives made a pledge to move beyond oil and explore energy alternatives, but the company also has invested in technology to extract oil sands in Canada. The reserves in Alberta Province are estimated to be the second largest in the world after Saudi Arabia. The oil companies create open pits, scraping away plants and topsoil, contaminating nearby water supplies, to collect the oil sand. Additional processing required for the oil sand leads to extra carbon emissions. With oil hovering at $100 per barrel, researchers look for alternative sources and oil firms hustle to extract supplies, because everyone knows the discovery of any viable alternative will cause the price of oil to plummet. – YaleGlobal