[MNJohnnie]

Here is why gas will be cheaper a year from now. See that number for Canada? If oil stays over $55 a barrel that oil suddenly is economically viable to pump. Because of the geology of most of the Canadian Oil reserves, it has never been able to be economically feasible against cheap mid east oil.

Greatest Oil Reserves by Country, 2005
Rank Country Proved reserves
(billion barrels)
1. Saudi Arabia 261.9
2. Canada 178.81
3. Iran 125.8
4. Iraq 115.0
5. Kuwait 101.5
6. United Arab Emirates 97.8
7. Venezuela 77.2
8. Russia 60.0

[fallujah-nuker]

"See that number for Canada? If oil stays over $55 a barrel that oil suddenly is economically viable to pump."

It takes years and massive amounts of capital to bring this on line. Billions could be poured in and in five years time oil could be down below 40 dollars a barrel, meaning the project will not earn the cost of the capital.

[Straight Vermonter]

If oil stays over $55 a barrel that oil suddenly is economically viable to pump.

With reference to Canadian oil supplies "dig" may be more appropriate than "pump".