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The Oil Reserve 8 Times Bigger
than Saudi Arabia's
While today's mainstream media reports on Peak Oil, 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.
Originally posted by mel1962
Only Time will tell, personally my money is on peak oil.
Why you ask? If abiotic oil is true why did the United States peak in 1970 and has never produced more oil? . . .
Oh maybe a oil company conspiracy?
Unfortunately, all minerals on the earth are finite.
You will see in the next few years peak oil, gold, silver, copper, etc.
China and India have accelerated the consumption of consumer goods.
Look at the metal prices,
I know oil has declined but so has demand.
Believe what you want to believe I am buying commodities like gold, silver, copper, better than fiat currency.
Originally posted by FredT
While you touch on a thought I have held for some time: The US is slowing some of its oil production and using up supplies everhwere else, the notion of peak oil being bogus is hard to choke down.
Lets say for sake of argument that the concerns about peak oil at this point are unfounded.
Even if all the other oil "creation" theories are even remotely accurate,
there is still only so much produced.
At some point demand will have to exceede capacity if it keeps growing at present rates.
Originally posted by Long Lance
you can talk about abiotic oil until your teeth fall out, people (think) have no way of discerning PR from fact and will therefore embrace the mainstream view.
overlaying a geological and an oil reserve map will quickly demonstrate that they are for the most part located near the plates' edges...
Originally posted by Long Lance
I applaud your relentless efforts, StellarX, let's hope something can be done this way.
to substantiate my claim, i have an article, (for anyone who's interested)
www.borderlands.com...
it's long and deals with wider rangine anomalies, such as artifacts in coal, though so i suggest you save it if you want to read it over a longer period of time.
Originally posted by mel1962
Only Time will tell, personally my money is on peak oil.
Why you ask? If abiotic oil is true why did the United States peak in 1970 and has never produced more oil? . . . Oh maybe a oil company conspiracy?
US production peaked in the 70's but production and in-the-ground-reserves are not related in any logical way. Since that time the US have pumped out of the ground about three times the 'proven reserves' it then had and currently proven reserves are still at about two thirds of their 1970 levels.
'Proven' reserves is thus a quite meaningless term considering the massive 'errors' that seems so inherent in the process.
Estimated quantities of oil and gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.
Originally posted by sardion2000
I have to address this as your post makes it look like the term "Proven Reserves" means something that it doesn't.
Here is the definition I found with a quick google search.
Estimated quantities of oil and gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.
It's not meaningless, it's an indicator used by Financial types.