"Mark Carney Claims Fossil Fuel Expansion Is ‘Canada Strong,’ but U.S. Investors Get the Profits" Credit DeSmog

 

New data show American capital now controls most of Canada’s oil and gas sector while jobs vanish, royalties lag, and billions flow south.

By Mitch Anderson

onDec 16, 2025 @ 12:11 PST

Series: Carney's Climate Betrayal

 

"Out of the “Big Four” oil sands giants, 73 percent are foreign-owned and 60 percent U.S.-owned, leaving Canadian investors control over just 27 percent." Credit: DeSmog

"Prime Minister Mark Carney has been playing up protecting Canada’s energy sovereignty by expanding fossil fuel extraction. But who owns the oil patch?

The reality is that U.S. capital controls the majority of oil and gas companies operating in Canada and that American ownership of the Canadian oil resources is increasing. Recent reporting from Oilprice.com shows that U.S. equity owns 59 percent of Canadian fossil fuel companies, up from 56 percent in 2024. Over the same period, Canadian ownership declined from 37 percent to 34 percent. Is this what Canada Strong looks like?

The situation is even more stark for the four largest Canadian bitumen producers, according to a recent report from the nonprofit group Canadians for Tax Fairness. Canadian Natural Resources, Cenovus Energy, Imperial Oil, and Suncor Energy are 73 percent foreign-owned, and 60 percent U.S.-owned, the report shows. Canadian investors control only 27 percent of these “Big Four” sands giants.

These companies raked in $131.6 billion in profits between 2021 and 2024 and paid out almost $80 billion of this windfall to foreign shareholder buyback and dividends. This is considerably more than the $60 billion paid over the same period to the Albertan owners of the resource through provincial bitumen royalties. Since the majority of shareholders are outside Alberta, $49.3 billion of buyback and dividend revenue ended up in the pockets of U.S. investors." Credit: DeSmog

 

"Labour Group Slams Lord Glasman Over Climate Denial Lecture" DeSmog

 "An influential Labour peer has been criticised for being the star speaker at the UK’s main climate science denial group, which says carbon emissions are a “benefit to the planet”.

Lord Maurice Glasman, founder of the conservative ‘Blue Labour’ faction of the Labour Party, delivered the Global Warming Policy Foundation’s (GWPF) annual lecture on Monday, a speech typically given by conservative figures and climate science deniers.

Glasman has in recent weeks advised Morgan McSweeney, chief of staff to Prime Minister Keir Starmer.

In his GWPF lecture, Glasman reportedly called for the national grid, the UK’s electricity distribution network, to be taken over by the Ministry of Defence, called the UK’s 2050 net zero emissions target a “fantasy”, and advocated new fossil fuel extraction including coal power.

“It is important to remember that the UK is not America,” Paul McNamee, director of the Labour Climate and Environment Forum (LCEF), told DeSmog.

“The Labour government continues to benefit from majority support for ambitious climate action. British people know that this ambition brings energy security, lower bills, a future for their grand-kids, and investment into some of the fastest growing areas of the UK economy.”

McNamee added: “Lord Glasman would know this if he spent less time at Trump inaugurations and with right-wing campaign groups, and more time in the British communities he claims to speak on behalf of.”" DeSmog

Amid Brutal Heat Wave, Officials Stress Health Risks of Hot Nights

  

Excerpt : "Much of the United States is baking amid an unusually severe June heat wave, with more than 150 million people under some sort of heat advisory. The unrelenting heat wave started in the Mountain West over the weekend and has since descended upon the Midwestern and Eastern U.S., where high humidity is making temperatures topping 100 degrees Fahrenheit feel even hotter. 

Even at night, people can’t escape the unforgiving heat, which poses a particularly high health risk. 

The level and duration of the heat is rare for this time of year “with little to no overnight relief, and affects anyone without effective cooling and/or adequate hydration,” the National Weather Service said in an advisory Monday morning.

During a heat wave, it is crucial for people to cool down at night to reduce their core body temperature and reduce the physiological burden put on them during long, sizzling days. But a growing body of research shows that hot nights are becoming more common with climate change—and not just during a heat wave. "  By Kiley Price, June 24, 2025   From Inside Climate News