Posted on 11/14/2007 6:23:22 PM PST by Dane
Alberta oil too costly: Saudi official Energy minister says Middle East a better investment than oilsands Shaun Polczer, Calgary Herald Published: Wednesday, November 14, 2007
Canada is one of the world's costliest oil producers and requires high prices to remain viable, Saudi Arabia's oil minister said in Riyadh on Tuesday, suggesting Saudi Arabia is a better value for investors.
Commenting in Arabic, Ali Al-Naimi noted that the "sands of oil" in northern Alberta need prices to be at least $40 to $60 US a barrel to develop the massive reserves, which are pegged as second only to Saudi Arabia's.
"Today, the price of oil is proper for producers there," he said at a news conference to kick off the third OPEC summit.
"If you can show me that investing and producing a barrel from the sands in Canada is better than investing and producing a barrel in Saudi Arabia, then I would go there, but it doesn't," Al-Naimi said bluntly.
(Excerpt) Read more at canada.com ...
Stable supply is more important than low price IMO. Besides, the cost of extracting the Alberta oil will go down as the extraction technology improves.
I was talking to a Canadian engineer who was in Tokyo trying to line up Japanese expertise and investors and he was getting a lot of attention from some powerful companies here.
If I knew my gasoline was derived from Canadian oil sands and not Saudi crude, I would gladly pay $3 a gallon at the pump.
OK Mr Suadi...then put them out of business by dropping the price of your oil to $30.00...otherwise STFU
We passed that up about $40 ago.
what is OPEC actually selling for these days?
Maybe they realize that they have allowed the price to go too high?
I think they need to start bringing more oil to market quickly if they want to stifle the new kid on the block. Once the initial infrastructure to develop Alberta oil is in place, the cost to bring it to market in the US will be a lot less.
The product is there. The need is there. The technology to develop it will follow.
A theory I have, is the US is intent on paying what seems to be expensive prices today, buying overseas, to save our own hemisphere stocks for later. Smart plan, and allows for a very large strategic oil reserve.
This is like me eating my sisters lunch first, then mine. The other way around, I always had to eat my food really fast, and I’d only get about half of hers.
Lee Majors, as the 600 billion dollar man. We can make him stronger, faster, more impeccable than before, we just need your damn oil!
And if I knew it came out of ANWR, I’d pay $4/gallon.
Saudi oil money comes back to us in car bombs and radical jihad. Canadian oil money comes back to us in vacationing Albertans and British Columbians getting medical treatment. Which should we prefer?
What you're saying is unofficial policy according to what I've read.
And it only makes sense. Besides, oil gets any more expensive than now, the American farmer could plant bio crops. I’d assume that the break even point on that, is getting pretty close actually.
When will the US get it’s head out of it’s ASS and drill locally? Screw imports!!!!!!!!!!!!!!!!!!
Yes, the plan is to use the oil, then kill them all, and take back the money. Karl Rove is such a genius!
Have you been to a gas pump lately?
Let’s Go Red Sox!!!!
Clap clap clap clap clap.
Sound familiar at Camden Yards?
(Sorry, couldn’t resist)
Back to scheduled programming
OPEC screwed up.
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