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Old 09-28-2012, 02:08 AM   #22
lifer
Gnarly Adventurer
 
Joined: Feb 2007
Oddometer: 200
I do not know when those studies were done but I am guessing that was 10 years ago. That premise is wrong. There has been masive reserves found in Canada, USA, and many other countries within the last 5 years. There are more oil reserves now than when the original studies were done back in the 60s. North America within the next 10 years will have more oil reserves than the middle east has. The new hydrofracting process has even brought old oil fields back on line with estements that surpassed the original oil field capabilities. If the world does run out of fossel fuels it will not be for 50 or 60 years at least. The Canada oil sands are only profitable to extract oil as long as prices are above $70 a barrel. You will find that oil prices in North America will be lower than that within 2 years. Canada has several other oil fields that have been found in the last few years that are conventional fields and are cheaper to extract the oil from so the oil sands will be relegated to production only when the price of crude demands it. The oil industry is going crazzy right now because of all the oil being found throughout the world. The data on these new oil fields will not be included in many nations official reserves for another few years because of the hoops that the oil industry has to jump through to have them counted. The bottom line is that I would not invest in the oil sands or in the oil industry in general right now because stock prices are going to fall. It would be better to wait a few years until the smoke clears and see who is left standing. there are going to be several casuaties in the oil buissness when the price goes down. Look at what is happening with cng and propane. The price of propane has fallen 40% just in the past year.

lifer screwed with this post 09-28-2012 at 02:19 AM
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