Pipeline Crisis Forces Canadian Oil Giants To Cut Jobs

Two of Canada’s largest oil sands producers, Husky Energy and Suncor, had some bad news for investors this week. Husky said it will slash capital spending for next year and 2021 by more than US$370 million (C$500 million) combined, while Suncor warned it will spend only as much on oil projects next year as it will this year. Husky also said it will cut 370 jobs next year in a further sign that the industry’s troubles continue to take their toll. Bloomberg reports, however, that there was also some good news in the spending updates by…