Lots of faulty assumptions driving his analysis. Yes, the Keystone XL, a competitor project (in terms of volumes) could skewer a project like EE. At least until new volume come on line. New volumes will come on at a slower rate with $50 oil, but the economics of these projects look at prices over the life of the reserves. Ultimately they will be developed especially as worldwide demand continues to increase and also because an advantage of oil sands is little to no declines for many, many years. Once the capital outlay has been made they have a leg up on competitors who have to continually drill to replace natural declines.