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Jeff McIntosh / AP

Royal Dutch Shell CEO Ben Van Beurden told Bloomberg that the company is unlikely to develop expensive new projects in the Alberta oil sands. "There are no plans for growth capital to be invested in oil sands," he said, while noting that the oil giant's existing oil sands operations there provide strong cash flow.

The interview comes after Exxon Mobil and ConocoPhillips announced in recent days that they're shedding over 4.5 billion barrels of oil sands reserves combined amid modest oil prices.

Why it matters: It's an example of how the state of oil markets can help to slow expanded production of certain fossil fuels that environmentalists want left undeveloped.

A related dynamic is in play in the U.S. Arctic offshore. Even if the Trump administration succeeds in unwinding former President Obama's decision to put those oil and natural gas resources off limits, don't look for interest among big oil companies in expensive Arctic offshore drilling anytime soon.

Go deeper

Updated 12 mins ago - World

U.S. threatens to cut aid to Sudan after military takeover

Sudanese Prime Minister Abdallah Hamdok during a 2020 news conference in Khartoum, Sudan. Photo: Mahmoud Hjaj/Anadolu Agency via Getty Images

Sudan's civilian Prime Minister Abdalla Hamdok was put under house arrest and several other ministers were detained Monday in what appears to be a military coup in the country, per local reports.

The latest: Several hours after he was placed under house arrest, a military force took Prime Hamdok and his wife from their house to an undisclosed location, according to Hamdok's adviser Adam Harika.

Business leaders expect wages to keep going up

Expand chart
Data: NABE Business Conditions Survey; Chart: Thomas Oide/Axios

America’s business leaders expect to keep shelling out higher wages to employees.

Driving the news: According a new quarterly survey released today by the National Association of Business Economists, a record high 58% of respondents increased pay at their firms during the third quarter — and nearly the same share expects to do so again in the coming months.

Tina Reed, author of Vitals
30 mins ago - Health

COVID vaccines for kids are getting closer

Illustration: Maura Losch/Axios

Millions of kids under 12 could begin getting COVID-19 shots "within the first week or two of November," NIAID director Anthony Fauci said on ABC News' "This Week With George Stephanopoulos" over the weekend.

Why it matters: This would be a major milestone for getting approximately 28 million more kids protected as they prepare to gather with family during the holidays and spend more time indoors due to cold weather.