We'd Be Crazy To Turn Backs On Oil Sands

IBD Editorials ^ | August 26, 2011 | ROBERT J. SAMUELSON

[Kaslin]

When it comes to energy, America is lucky to be next to Canada, whose proven oil reserves are estimated by Oil and Gas Journal at 175 billion barrels. This ranks just behind Saudi Arabia (260 billion) and Venezuela (211 billion) and ahead of Iran (137 billion) and Iraq (115 billion).

True, about 97% of Canada's reserves consist of Alberta's controversial oil sands, but new technologies and high oil prices have made them economically viable. Expanded production can provide the U.S. market with a source of secure oil for decades.

We would be crazy to turn our back on this. In a global oil market repeatedly threatened by wars, revolutions, and natural and man-made disasters — and where government-owned oil companies control development of about three-quarters of known reserves — having dependable suppliers is no mean feat.

We already import about half our oil, and Canada is our largest supplier with about 25% of imports. But its conventional fields are declining. Only oil sands can fill the gap. Will we encourage this? Do we say "yes" to oil sands? Or do we increase our exposure to unstable world oil markets?

Those are the central questions posed by the proposed $7 billion Keystone XL pipeline connecting Alberta's oil sands to U.S. refineries on the Texas Gulf coast. The pipeline requires White House approval, and environmentalists adamantly oppose it.

To be sure, there are dangers. Pipelines do crack; there are spills. Susan Casey-Lefkowitz of the Natural Resource Defense Council reminds of recent spills of about 1 million gallons into the Kalamazoo River in Michigan and about 40,000 gallons into the Yellowstone River in Montana.

[Young Werther]

I turn her back on the Canadian oil sands. The Bakken Oil Strata in North Dakota, Montana and South Dakota are tremendous resources within our borders.

BTW it's been estimated that we have about 100 years worth of lighnite coal which can be gasified to produce gasoline, diesel fuel, natural gas and helium with NO ENVIRONMENTAL IMPACT!

[lbryce]

OIl Shale
While oil shale is found in many places worldwide, by far the largest deposits in the world are found in the United States in the Green River Formation, which covers portions of Colorado, Utah, and Wyoming. Estimates of the oil resource in place within the Green River Formation range from 1.2 to 1.8 trillion barrels. Not all resources in place are recoverable; however, even a moderate estimate of 800 billion barrels of recoverable oil from oil shale in the Green River Formation is three times greater than the proven oil reserves of Saudi Arabia. Present U.S. demand for petroleum products is about 20 million barrels per day. If oil shale could be used to meet a quarter of that demand, the estimated 800 billion barrels of recoverable oil from the Green River Formation would last for more than 400 years.

[hummingbird]

Aw, gee...thanks, Young Werther.

I bookmark interesting articles for my husband so he can look over them later.

This cannot be bookmarked, Young Werther, because of your (ahem) post. I'll have to cut and paste or read it out loud.

Either way, one of us have to do extra work because of you photo!

BWAAWAWAWAWAWAWAWAWAW.......

[org.whodat]

Let the Canadians drink their oil, we can turn coal into gas cheaper.

[org.whodat]

With that rocker who would need heat in the winter.

[hershey]

Come now, our policy ever since OPEC has been to pay inflated oil prices to the Arabs so we could ‘bring them into the twenty-first century’, although actually it was the twentieth century when we agreed to this.

And now that Zero is in the WH, why in the world would we want to undercut our devotion to paying blackmail to Muslims? Nobody has been honest with the American taxpayer. Nobody. And it’s appalling. Well, I understand now why honesty isn’t in the cards, it’s not PC.

[Kaslin]

You obviously didn’t get the message that the arrogant pos that currently resides at 1600 wants to ban coal

[SunkenCiv]

Thanks Kaslin.

[jnsun]

Susan Casey-Lefkowitz of the Natural Resource Defense Council reminds

Sister of Debbie Wasserman-Schulz? Hmmm.

[Recon Dad]

When it’s on our continent and it comes from a stable source we better take advantage of it. I want to use shale, sand, coal, bio waste and anything else that makes sense.

[kindred]

We have energy supplies like oil,gas and nuclear that would more than suffice America but we have fools and liars and thieves in DC who hate America, the politicians, who have corraled the foolish of America into using useless energy supplies like wind and solar by fiat laws.
Before we can use our God provided energy supplies, we must rid ourselves of the evil democrats and rinos who are destroying us in DC.

[Aetius]

That’s amazing.

[gbscott1954]

Amen brother, Amen! Until we clean out the garbage in D.C. we will continue to be on a downhill spiral!

[HangThemHigh]

"You obviously didn’t get the message that the arrogant pos that currently resides at 1600 wants to ban coal"

And that's just for starters.

He would like to do the same for all fossil fuel and probably nukes, too. Exxon made a huge oil find in the Gulf and he pulled their drilling permit. Shale oil probably won't fare much better as long as he is around.

We have to get oust him in 2012 for the sake of the country.

[lbryce]

The fundamental drawback to oil shale, besides, the cost, production to extract the oil trapped in the shale is environmental.

[Former Proud Canadian]

You didn’t read the article, did you?

[Clive]

-

[Wonder Warthog]

"Let the Canadians drink their oil, we can turn coal into gas cheaper."

I VERY seriously doubt that. I'm familiar with both processes, and getting the oil from sands is a LOT simpler than gasification and Fischer-Tropsch.

[Wonder Warthog]

"I want to use shale, sand, coal, bio waste and anything else that makes sense."

Amen, brother!