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Aspiring Oil Tycoons Brace For Disappointment – OilPrice.com

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Aspiring Oil Tycoons Brace For Disappointment | OilPrice.com


Haley Zaremba

Haley Zaremba

Haley Zaremba is a writer and journalist based in Mexico City. She has extensive experience writing and editing environmental features, travel pieces, local news in the…

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Since years before the unexpected blow of the novel coronavirus pandemic, U.S. shale has been in a state of serious decline. Diminishing returns from aging wells turned the gush of the shale revolution into a trickling death march for the struggling sector. And then came the coup de grace: Black April. After the spread of COVID-19 swept the rug out from underneath global oil demand, the leading OPEC+ members of Saudi Arabia and Russia got into a spat over how to respond to the problem which developed into an all-out oil price war. The ensuing global oil glut is what ultimately dealt the death blow to the U.S. shale market when it made owning oil a liability and drove the West Texas Intermediate, which had never gone negative before, to a stunning minus $37.63 a barrel

The effects in the Permian Basin have been lasting and devastating. The shale sector needed a major rebound in oil demand and prices to bring all of its shut-in wells back up and running and rehire all of its fired and furloughed employees, but the pandemic persists and oil was already well on its way out. Now, peak oil is suddenly upon us and the global energy transition toward cleaner, more climate-friendly fuel and energy alternatives is well underway. 

As the end of the shale oil and gas era has become increasingly more difficult to deny, even the most veteran fossil fuel leaders have been fleeing the sector. First the oilfield services giant Halliburton said that they would bail on shale back in July, when it told its investors that it will be taking a ‘fundamentally different course’ after slashing its ranks of employees and cutting dividends on the tails of its third straight quarterly loss in January of this year–before the pandemic had even had a chance to wreak its havoc. This move was followed by the exodus of a slew of other oilfield services companies, a sweeping phenomenon which Oilprice reported on back in August.  Related: Big Oil’s Renewables Push Will Come At A Cost

Recent think pieces have suggested that the most promising future for the U.S. shale patch will have nothing to do with shale oil or gas, but with clean energy. Some have advocated for solar while others have advocated for green hydrogen and ammonia energy storage.  The suggestion that renewables and green energy could be the economic salvation for Texas, even more so than the stalwart fossil fuels industry that the state has relied on for so long, is supported by swaths of data that find green energy will be an increasingly significant jobs creator going forward. 

Back in June PV Tech reported on “a raft of new studies” which has “come to underscore the business case of pushing renewables to the heart of the COVID-19 recovery, amid claims green energy plays offer a low-cost, high-return opportunity for investors.” And a month after that, “physicist, engineer, researcher, inventor, serial entrepreneur, and MacArthur ‘genius’ grant winner” Saul Griffith’s organization Rewiring America “made its big debut with a jobs report showing that rapid decarbonization through electrification would create 15 million to 20 million jobs in the next decade, with 5 million permanent jobs after that.”

The end of Texas oil and the beginning of a new energy era for the Lone Star state was underscored this week by a New York Times feature on the next generation of would-be oil tycoons. “Students and recent graduates struggle to get hired as the oil industry cuts tens of thousands of jobs, some of which may never come back,” read Sunday’s byline. These students chose to pursue an economic sector that was supposed to be a sure bet. The fact that it has proved not to be is indicative of just how much and how fast the global energy industry is changing. What the World Economic Forum advocated as a “new energy order” and a “great reset” is taking place as we speak. But while these students report that this pandemic-era reality was an entirely unforeseen “slap in the face,” the reality of climate change and the imperative of a post-carbon world has long been apparent. In fact, this transition is behind schedule. But now that it’s here, the Environmental, Social, and Corporate Governance (ESG) investing is not just a trend–it seems to be here to stay, and those who resist it–as is so eloquently illustrated by the Times–are likely to get left behind. 

By Haley Zaremba for Oilprice.com 

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How COVID-19 has changed daily life a year after Canada's first case – CTV News

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MONTREAL —
On January 25th, 2020, Canadians were still living their lives like they always had: commuting to the office, visiting friends, dining out, hugging loved ones, vacationing. But the announcement that day of Canada’s first COVID-19 case set in motion a chain of events that would soon change everything.

By March, with cases climbing, health officials began implementing a series of measures that would fundamentally alter how many Canadians live. Lockdowns and calls for physical distancing led to companies shifting to work from home, travel restrictions, mask-wearing rules, cancellation of major events, and video meetings replacing in-person interactions as people were asked to avoid seeing anyone, even loved ones.

Jack Jedwab, the president of the Association for Canadian Studies, says the biggest change to Canadians’ daily lives has been the isolation from friends, family and co-workers.

“I think at the root of a lot of that change is these limits on our mobility, which take different forms, whether it’s interacting with family and friends, or seeing people that we’re accustomed to seeing in our daily lives in person as opposed to on screens,” he said.

An online survey conducted for Jedwab’s group in September found that over 90 per cent of the 1,500 people polled said COVID-19 had changed their lives, with most citing the inability to see family and friends as the biggest factors.

While few Canadians have been untouched by the pandemic, Jedwab says women, newcomers to Canada and people who were already economically and socially vulnerable appear to have been among the most deeply affected, particularly by job losses.

Here’s a look at how COVID-19 has changed daily life for some Canadians of different groups:

 

SENIORS

For Bill VanGorder, a retired 78-year-old from Halifax, the pandemic put a temporary halt on his active social life and his favourite pastimes of volunteering in the local theatre and music scenes.

“Theatre people, as you may know, are people who love to hug, and not being able to hug in these times probably has been one of the most difficult things,” he said in a phone interview.

He considers himself lucky, because at least he and his wife Esther have each other, unlike many of his single friends who are completely isolated. Many older people, who are more at risk of severe complications from COVID-19, are struggling to stay connected with family or finding people to help them with household tasks.

VanGorder, who works with the Canadian Association of Retired Persons, also believes unclear government messaging, particularly on when older adults will get access to the vaccine, is “creating huge anxiety and mistrust in the system,” among already-nervous seniors.

But while the pandemic has been hard, he says there have also been silver linings. He and many of his friends have been learning to use platforms such as Zoom and FaceTime, which help seniors stay in touch with relatives and connect with their communities.

“We think the positive thing is that, of course, this knowledge will continue after COVID and will be a real step forward, so that older adults can feel more involved in everything that’s going on around them,” he said.

The first thing he’ll do when things get back to normal is to hug his grandchildren and theatre friends, he said.

 

UNIVERSITY STUDENTS

As classes have moved online, many students have had to adapt to living and studying in small spaces and being isolated from friends and campus life at a stage when forging lifelong friendships and social networks can be crucial.

Small living quarters, the inability to travel home, financial fears and uncertainties about the job market have contributed to a “greater sense of isolation” for many students, according to Bryn de Chastelain, an Ontario resident studying at St. Mary’s University in Halifax and the chair of the Canadian Alliance of Student Associations.

While he believes schools have done their best to support students, de Chastelain says many students have seen their mental health suffer.

“A number of students are really struggling with having to learn from home and learn online, and I think that a number of strategies that students are used to taking up are very difficult to replicate in the online environment,” he said.

 

PARENTS

Schools across the country were shut down for several months in the spring, ushering in a challenging time for parents who were suddenly forced to juggle full-time child care, work and keeping their families safe.

The reopening of schools in the fall brought different challenges depending on each province’s COVID-19 situation and approach. In Ontario, some parents opted for full-time online learning, while others were forced into it when Premier Doug Ford chose to extend the winter break. In Quebec, which doesn’t allow a remote option for most students, some reluctant parents had no choice but to send their children back to class.

“I think uncertainty, not only for kids but for everything — work, life relationships and everything — that has certainly been the theme of COVID,” said Doug Liberman, a Montreal-area father of two.

Liberman said the biggest challenge has been trying to balance the health and safety of his family with keeping his food manufacturing business going and maintaining a sense of normalcy for his two girls, ages 10 and 12.

For his family, that has meant trying to spend time outside but also accepting more screen time, and ultimately, taking things day-by-day.

“I certainly think that we certainly don’t have the answer, and I think we’ve done as best as we could, like everybody else has,” he said.

This report by The Canadian Press was first published Jan. 21, 2020.

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Alberta reports 24 COVID-19-related deaths Sunday, including woman in her 40s – Global News

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Alberta Health reported an additional 24 deaths related to COVID-19 and 463 cases of the virus in the province on Sunday.

The positive cases came from 10,237 new tests over a 24-hour period, giving a provincial positivity rate of 4.4 per cent.

READ MORE: 2 people in their 20s in Calgary zone among Alberta’s COVID-19 fatalities Saturday

The active case numbers in the province sat at 9,727 on Sunday.

Hospitalizations were down slightly, with 652 people in hospital — 111 of whom in intensive care.

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Sixteen of the 24 deaths were reported in the Edmonton zone:

  • A woman in her 40s, a man in his 70s, a man in his 90s and two women in their 80s not linked to an outbreak. Comorbidities were unknown in the case involving the man in his 70s and one of the women in her 80s, while the other three deaths involved comorbidities.
  • A woman in her 90s linked to the outbreak at Misericordia Hospital whose death included comorbidities.
  • A man in his 50s linked to the outbreak at Salvation Army Stepping Stones supportive residence whose death did not involve comorbidities.
  • A man in his 70s and a man in his 80s, both linked to the outbreak at Youville Home. Both had comorbidities.
  • A woman in her 90s linked to the outbreak at Laurier House Lynwood whose death included comorbidities.
  • A woman in her 80s and a woman in her 60s, both linked to the outbreak at Capital Care Lynwood. Both had comorbidities.
  • A woman in her 80s linked to the outbreak at Chartwell St. Albert Retirement Residence whose death included comorbidities.
  • A man in his 80s and a woman in her 80s, both linked to the outbreak at Jubilee Lodge Nursing Home. Both had comorbidities.
  • A woman in her 90s linked to the outbreak at Rivercrest Care Centre whose death included comorbidities.

Five deaths were reported in the North zone, all of which included comorbidities:

  • A woman in her 70s linked to the outbreak at Mayerthorpe Healthcare Centre.
  • A woman in her 90s and a man in his 80s, both linked to the outbreak at Grande Prairie Care Centre.
  • A man in his 90s linked to the outbreak at Prairie Lake Supportive Living.
  • A man in his 90s linked to the outbreak at Edson Continuing Care Centre.

There were two deaths in the Calgary zone: a man in his 80s linked to the outbreak at Revera Edgemont and a woman in her 60s. Both cases included comorbidities.

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A man in his 90s passed away in the Central zone. His death was linked to the outbreak at Seasons Camrose and included comorbidities.


Click to play video 'Coronavirus: Hinshaw touts safety of both COVID-19 vaccines'



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Coronavirus: Hinshaw touts safety of both COVID-19 vaccines


Coronavirus: Hinshaw touts safety of both COVID-19 vaccines

READ MORE: Alberta received shipment of 21,450 Pfizer COVID-19 vaccines this week

According to the provincial numbers, a total of 99,047 Albertans received vaccine doses as of Jan. 23.

Alberta Health confirmed the province received a shipment of the Pfizer vaccine last week. That shipment included 21,450 doses.

“With 96,500 doses of vaccine delivered, thousands of the most vulnerable seniors and health-care workers now have an extra layer of protection,” chief medical officer of health Dr. Deena Hinshaw said Thursday.

On Thursday, Alberta’s top doctor reiterated the province would do its “utmost” to ensure “that every individual who’s received their first dose does get their second dose within the 42-day timeline.

“If not, they’ll continue to be eligible and will receive it as soon as possible after that.”

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Hinshaw said Alberta was working with the federal government and other provinces to use current allocations “as wisely as possible.”

© 2021 Global News, a division of Corus Entertainment Inc.

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Doctors reflect on their experience since Canada's 1st COVID-19 case – CBC News: The National

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Doctors reflect on their experience since Canada’s 1st COVID-19 case  CBC News: The NationalView Full coverage on Google News



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