“Early estimates suggest that this oil rich region could contain 7 billion barrels of recoverable oil….”
That’s a good thing alright — but, for some perspective, the Alberta oil sands have 175 billion barrels of proven reserves (and as much as ten times more, depending on advances in extraction technology). Just a pipeline away from you.
Just a pipeline away from you.
**********
That’s the plus for LA as there are refineries and pipelines in place or
can be put in place if needed.
Just a pipeline away from you.
............
The worldwide demand for oil is great and rising. only the USA is currently doing production grade horizontal drilling and fracking.
I used to have second thoughts about that pipeline. Like maybe wouldn’t it be better to refine the oil in alberta and then ship it over to vancouver for points east where the demand is rising fast,
but if relations between europe and russia continue to sour then there will be demand from both the east and west.
USA oil production is going to snap into high gear when the permain basin gets going.
It hasn’t yet.
in any case, extracting oil from oil sands looks more expensive than fracking—after fracking has had a couple years to refine its procedures. I’ve seen fracking ranges from $90@ barrel on down to $60@barrel.