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Energy and Climate

Protected: One Country, Two Markets: The Shaky Promise and Unfair Burden of “Decarbonized” Oil

Ron Wallace
October 5, 2025
“Decarbonized” oil is being touted as a way to bridge the policy chasm separating energy-rich Alberta and the climate-change-obsessed Mark Carney government. Take the carbon dioxide normally emitted during the production and processing of crude oil and store it underground, the thinking goes, and Canada can have it all: plentiful jobs, a thriving industry, burgeoning exports and falling greenhouse gas emissions. But is “decarbonized” oil really a potential panacea – or an oxymoron that makes no more sense than “dehydrated” water? In this original analysis, former National Energy Board member Ron Wallace evaluates whether a massive push for carbon capture and storage can transform Alberta into a “clean energy superpower” – or will merely saddle its industry and government with a technical boondoggle and unbearable costs while Eastern Canada’s refiners remain free to import dirty oil from abroad.
Energy and Climate

Protected: One Country, Two Markets: The Shaky Promise and Unfair Burden of “Decarbonized” Oil

Ron Wallace
October 5, 2025
“Decarbonized” oil is being touted as a way to bridge the policy chasm separating energy-rich Alberta and the climate-change-obsessed Mark Carney government. Take the carbon dioxide normally emitted during the production and processing of crude oil and store it underground, the thinking goes, and Canada can have it all: plentiful jobs, a thriving industry, burgeoning exports and falling greenhouse gas emissions. But is “decarbonized” oil really a potential panacea – or an oxymoron that makes no more sense than “dehydrated” water? In this original analysis, former National Energy Board member Ron Wallace evaluates whether a massive push for carbon capture and storage can transform Alberta into a “clean energy superpower” – or will merely saddle its industry and government with a technical boondoggle and unbearable costs while Eastern Canada’s refiners remain free to import dirty oil from abroad.
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