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If you are thinking about investing in tar sands oil in Utah—think again.
US Oil Sands' stock price fell further down the road to failure when a group of nonviolent activists gathered last week at the site of the first proposed tar sands mine in the country. Dozens of people peacefully overtook the operations, effectively shutting down for the entire day road construction of the Seep Ridge Road expansion project and work at the mine in Utah's Book Cliffs.
According to KCSG Television, the company's stock price on the Toronto Stock Exchange had closed July 26 at $0.115. After the direct action enforced a full-day shutdown the following Monday, July 29, US Oil Sands' stock price had dropped to $0.10, down 50 percent from the company's 52-week high.
"Investors have taken notice that these tar sands and oil shale projects in Utah will be made impossible," says Peaceful Uprising's Melanie Martin. "The fools-gold nature of these resources, the dangerous potential to poison air and water as well as the people's drive to prevent their progress all add up to an investment blackhole."
Unedited Media produced the following video with footage from the direct action, which was published on Peaceful Uprising's website:
Visit EcoWatch’s TAR SANDS page for more related news on this topic.
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