The Canadian Oil Reserve 8 Times Bigger than Saudy 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…


http://www.investmentu.net/ppc/t4oilnews…The Canadian Oil Reserve 8 Times Bigger than Saudy Arabia's?
Yes, with the price of oil up, oil sands in Canada (not oil shales, that's a different thing) have become economical to produce. It may surprise some readers to hear this, but on a country-by-country basis, the US now gets most of its foreign oil from Canada. Of course if one looks at the Middle East as a whole most of the foreign oil comes to the US from there, but only slightly more than Canada.





You may hear a lot in the news about oil companies announcing their ';proven reserves.'; This doesn't just mean the places where they know oil exists, but also whether it is technically or economically extractable. For instance, even if we knew that the Moon was full of oil, that wouldn't be considered a proven reserve because we have no way of extracting it, at least not yet.





The oil that is found in Saudi Arabia, and other places in the Middle East, is both easily extractable and easily refinable. Oil sands, like what is found in Canada, are fairly easy to extract (basically one just scoops up the sand and dumps it into trucks) but harder to refine. Back when oil was only twenty or thirty dollars a barrel it wasn't very profitable to mess with this form of oil. Now, with oil in the sixty- to seventy-dollar range, and with improvements in technology, it is.





Similarly, there are oil reserves under Venezuela, in the form of so-called ';tar oil,'; that are estimated to be five times the reserves in Saudi Arabia. The problem with this form of oil is that it is extremely thick, as the name implies, and therefore very hard to extract. It is also harder to refine than the Saudi crude, but the main problem is extraction.





Finally, the oil shales that several answerers mentioned exist but are both hard to extract and hard to refine. There are an estimated two to three TRILLION barrels (more than all the known reserves in the Middle East) of shale oil under the Rocky Mountains. But even with the price of oil as high as it is, it just isn't economically feasible to extract that oil, given our current technology.





With increasing demand for oil, particularly because of the burgeoning economies of India and China, the price of oil will probably continue to rise, and better technologies will be developed, so that the oil tars and oil shales may become profitable to extract. Either that, or better, more efficient, less polluting energy sources will be developed and the whole oil extraction and refining problem will become moot.The Canadian Oil Reserve 8 Times Bigger than Saudy Arabia's?
lucky canadians
i beleave its a lie
';Bajricf'; and ';chgoxpress'; are correct except for one thing: I don't think tar sands and shale oil are the same thing. They're chemically related of course, but they are still different substances.
Great. Between Canada and Colorado we're looking mighty good.


I Cr 13;8a


12-1-6
I hope this is true but most likely it's a bogus story...
Canada has the oil but it is oil shale which is much more costly to extract %26amp; process %26amp; was not cost effective when oil prices were lower but as prices rose so did the viability of the Canadian oil.


The U.S. also has large quantities oil shale.
That would make Israel happy.