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Exxon Mobil may abandon Canadian oil reserves

Energy companies like Exxon Mobil Corp. could abandon plans to tap into reserves in Canada’s oil sands, as high extraction costs and a Canadian carbon tax make extraction unprofitable, The Wall Street Journal reports.

“For a lot of reasons the oil sands look like a prime candidate for eventual abandonment,” said energy fellow Jim Krane. “One problem is that costs are persistently higher. The high carbon content only makes it worse.”

Read more in The Wall Street Journal (subscription required):