There are an estimated one trillion barrels of oil recoverable at today's prices from the oil sands of Alberta. The number one customer for that oil is the USA. If the Arabs want to sit on their oil, embargo their oil, eat their oil or rub it on their camels' heinies, I say let them.
"There are an estimated one trillion barrels of oil recoverable at today's prices from the oil sands of Alberta. The number one customer for that oil is the USA. If the Arabs want to sit on their oil, embargo their oil, eat their oil or rub it on their camels' heinies, I say let them."
Long-term that's fine, but for right now the oil sands production rate is 1 million barrels a day and our consumption is 20 million barrels a day.
OTOH, we *could* have North American oil independence, if we drilled ANWR and off our coasts, reduced oil via conservation, and starting using our shale oil resources plus the tar sands.
CanWest Petroleum (cwpc) is about $4.45 per share right now as a leader in the infancy stages right now in the oil sands....probably not a bad play to get in right now before it shoots to about $50.
"If the Arabs want to sit on their oil, embargo their oil, eat their oil or rub it on their camels' heinies, I say let them."
Me too. Let's let Alberta join the Union. Give them free condos on Miami Beach. Alberta would put two more Senators in the Republican column. Alberta has the kind of Canadians I like.
Its obvious that Russia and Canada will be the kingpins of oil by 2020. The mid-east has alot of issues, and it'd be best to drop them from the buyers market.
OHMYGODDON'TLETCANADAHAVESOMUCHOIL! Wealth does not suit Canada well.
My understanding is that oil sands are economic when oil reaches $100 /barrel. One problem is that the process is so corrosive that the plant's lifetime is only five years.