Daniel Yargin, vice chairman of IHS Markets, says the independence of oil, fracking and how American energy has changed the world.
American oil refineries, with shorter regulatory delays than their Canadian counterparts, are in the race to make renewable diesel to earn Canada’s greenest fuel standard before their own refineries are able to upgrade their plants to make their own.
The government of Canadian Prime Minister Justin Trudeau plans to announce its clean fuel standards by the end of this year with a final target of cutting 30 million tonnes of emissions by 2030, Reuters reported.
According to Ian Thomson, president of the Advanced Fuel Fuel Canada Industry Group, only three projects have been publicly announced in Canada to make fuel.
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Meanwhile, at least five U.S. The refineries have unveiled their plans to make renewable diesel or they will consider an alternative, he said. These include Philips 66 and Holy Frontier Corp.
| Ticker | Security | The last | Change | Change% |
|---|---|---|---|---|
| PSX | Philips 66 | 51.06 | +0.78 | + 1.55% |
| H.F.C. | HolyFrontier Corp. | 19.60 | +0.66 | + 48.4848% |
“This is Canada’s defeat,” Thames told Reuters. “If Canada’s refiners want to get out of the game, they will dig their heels and oppose the norm. Meanwhile, Americans will build. “
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Renewable diesel is made by using used cooking oil, canola oil or animal fat processing. It can be used in high concentrations or without mixing in conventional diesel engines. As part of a niche market, it accounts for only 0.5% of the 430 billion gallons of global diesel market each year, Morgan Stanley said.
But, valued for its environmental benefits, given the greenhouse gas emissions from renewable diesel and conventional biodiesel, it is approximately 50% to 80% lower than conventional diesel, according to Reuters.
Major epidemics have also slowed plans for Canada’s second-largest oil producer, Suncore Energy Inc., and other Canadian companies will face longer regulatory delays than their American counterparts, said Martha Hall Findley, chief sustainability chief.
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“Timelines will push for investment in facilities outside of Canada because we can’t build them quickly, that’s a fact.” “It looks a little backward.”
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