Awakening via Getty Images
Bloomberg via Getty Images
On April 17 we Italians will vote on a referendum which aims to hinder oil drilling near our coasts. The Italian government instead forces new domestic drilling for reducing oil imports. Simply opposing oil rigs before our door is short-sighted if we keep on burning more and more oil, provided that it comes from distant countries.
Once the carbon bubble, like the tech or housing bubble, pops it would bring dramatic re-evaluation of oil companies, resulting in massive layoffs and major industry restructuring. In Canada, the oilsands represents two per cent of the country's GDP and 90 per cent of the economic benefit goes to Alberta.