Oil Reserve 8X Bigger Than Saudi Arabia - Alberta Canada

[USA#1]

The Oil Reserve 8 Times Bigger
than Saudi Arabia's

All of a sudden, the oil sands in Alberta, Canada have become a veritable “black gold” mine. And Big Oil’s heavy hitters are wishing they acted sooner…
Just three years ago, when the average price of crude was $29.63 a barrel, producers didn’t find the profits to be worth the costs of processing the oil sands.

But improvements in mining technology have dramatically reduced the cost of extraction, rocketing bottom lines skyward. According to the Oil Sands Discovery Centre in Alberta, it now costs an average of just $13.21 to process each of the 2.5 trillion barrels of oil embedded in the sands – a reserve 8 times bigger than Saudi Arabia’s… containing more oil than all OPEC nations combined.

Now, Big Oil companies that didn’t get in early can only sit by and watch as “savvy oil” laughs all the way to the bank. With crude selling for $60-plus, revenues at Albert’s premier oil sands producers are rocketing skyward.

[Trap]

Good post USA, very important with today's Mid-East crap.

First:

Just three years ago, when the average price of crude was $29.63 a barrel

This makes no freekin sense. Oil now topping $70 a barrel. We know that consumption did tripple in 3 years, so why did the price?

Instability in the Middle East? I though removing Saddam was going to make oil prices lower???

Now, on to the oil sands.

What they have left out of the article is that for every barrel of oil produced, oil has to be burned, and greenhouse gases released, to liberate the oil from the sand by just about liquifying the sand.

How viable is this with global warming through greenhouse gasses?

[haruka3_2000]

Time to invade Canada!

:rofl:

[Mr.Dude]

About a year and a half ago a very influential group of people called The Bildeberger Group(named after the hotel where they first met before WWII) announced that oil was underpriced and needed to be $150 per barrel. Oil was hovering around $50 a barrel.

The idea is to create an indirect tax. If I owned stock in this Canadian company the first thing I would do is try to get all the remaining stock off the market, because I assure you that very powerful forces are not going to tolerate competition. War is the last effort that they have used very successfully. Their forces utilize many other indirect pressures to eliminate competition.

Russia is currently the largest oil exporter in the world and they believe in the abiotic oil theory (oil that isn't made from dead dinosaurs). They claim that excess oil reserves are being found at extreme depths. But their oil still runs about $70 a barrel and climbing. They are controlled.