Shell’s profits tumbled by 62% to $3.49 billion in the first quarter of this year (from $9.08 billion from last year, AP), and meanwhile the oil company remains committed to hoiking oil out of gloopy, sticky tar sands in Canada (see this Nature story from earlier this year for a description of the stuff).

The slump is blamed on falling oil prices. According to a Market Watch report Shell “sold oil for, on average, 54% less than it did in the same quarter last year. Gas prices dropped 15%.”

The tar sands project has been roundly criticised by environmentalists, because they say getting oil out of these tar sands is a messy, carbon-intensive process. But Shell is pressing ahead with the project: “When we build projects, we take a long-term view. Oil sands is something that produces for 30-40 years and you do not get too nervous if short-term volatility drives you in a down cycle,” CEO Peter Voser is quoted by the Guardian.

Bloomberg is reporting another Oil sands company also posting huge losses – bigger than Shell’s: Canadian Oil Sands profits dropped by 86% this quarter compared to last year.

Image: US DOI