For all of the shellacking the fossil fuel industry gets (rightfully so), they have signalled several times that they are willing to transition to lower productions and higher prices and even into green energy. In 2016 oil companies spent the least amount on oil discovery in over 70 years ! It was only after extreme political pressure that oil companies were basically forced into re-expanding capacity again. The mark…
What political pressure are you alluding to? For decades now in Canada companies have been endlessly lobbying the government to allow for more expansion of pipelines to enable more production and more growth. There is nothing new that has changed their approach.
For the Canadian industry I think you are underrating how much of a hand the government of Alberta themselves are playing in this. This has been an economic development project for them and things like the Keystone pipeline have been spearheaded by the government to get access to the global market as a way of attracting investment from the oil and gas industry.