Oh no, not the capital investment! Anything but that!

For the record, the oil industry's global profits were $4T. Not revenue, profit. $75B in investment sounds like a lot, until you realize all it means is that they'll need to dig into that $4T to fund stuff, and that $75B is less than two percent of $4T, and the actual hit to revenue and income will be even less.

They can cut back on avocado toast, as it were.

Fuck off O&G.

To hear oil barons tell it, only oil and gas losses count. Billions lost due to climate change don't count.

All right, everybody. Millionaire capitalists are in trouble. Let's all tighten our belts and ration even harder. We can't have them lose their private jets, huge McMansions, and fleets of sports cars. It's time to dig deep. Save the 1%!

Awesome, let's double it!

Don't threaten me with a good time

Who cares about those oil executives

What's the price for a livable planet?

Why the fuck can't we let millionaires and billionaires take a hit now and then?

This cap means very little if Canada remains a top oil exporter, all the oil that doesn't get burned here will just be shipped out and burnt elsewhere.

The biggest thing Canada could do for climate change is keep its oil in the ground and stop selling billions of dollars worth every year.

Oh no...

Great! Exactly what's needed.

The only question is: is it enough? Well, and, what is the target increase in losses for next year?

Sounds like a good incentive for them to implement the carbon capture they are so obsessed with.

This is the best summary I could come up with:

Its conclusions Monday were used to support the industry argument that legislating an emissions ceiling will inhibit investment and growth, even as opponents argued the report's methodology was flawed.

The study says that would translate to one million barrels of oil equivalent less of production per day by 2030 compared with current forecasts, and 51,000 fewer jobs by 2030 than under existing government policies.

"Declines in production forced on the industry by a stringent emissions cap will result in significant job losses for Canadians, severe impacts on the economy and our GDP, and have the potential to compromise Canada's energy security and prosperity," Baiton said.

Everything in it flows from false assumptions that make it so deeply flawed, it amounts to disinformation," said Oliver Anderson, spokesperson for Environment Minister Steven Guilbeault, in an email.

Clean energy think-tank The Pembina Institute said the CAPP report includes only conventional oil and gas drillers and leaves out oilsands production, which accounts for the vast majority of the industry's emissions profile.

Alberta Premier Danielle Smith also waded in Monday, issuing a joint statement with the province's environment and energy ministers in which she referred to the proposed cap as a "reckless gamble that will devastate Canadian families and do nothing to reduce global emissions."

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