[bassetman]

Originally Posted by linskyjack

Where do the wingers think that tax on oil goes? What I love about righty is that he doesn't want to pay taxes, but he expects his highways to be well maintained, his highway patrolmen to be well equipped and well paid, etc. If I hear one more righty tell me that the problem is gasoline taxes, I think I might vomit on the fender of their SUV. Perhaps we should allow Halburton to take care of our millions of miles of highways?

They want you and I to pay for "their" war!

[lotuseclat79]

Last Friday night on one of the news magazines broadcasts, I saw a short news story about oil.

It appears that in Alberta, Canada - there is enough oil to run the world for 100 years at the current rate of consumption around the world. Apparently, it is the largest know repository of oil in the world.

Unfortunately, the oil is in the form of tar pits which cost 3 times as much to extract it from the pit compared to extracting light sweet crude in liquid form.

The message at the end of the broadcast was - get used to a permanent high price of oil.

-- Tom

[GoneForNow]

Originally Posted by lotuseclat79

Last Friday night on one of the news magazines broadcasts, I saw a short news story about oil.

It appears that in Alberta, Canada - there is enough oil to run the world for 100 years at the current rate of consumption around the world. Apparently, it is the largest know repository of oil in the world.

Unfortunately, the oil is in the form of tar pits which cost 3 times as much to extract it from the pit compared to extracting light sweet crude in liquid form.

The message at the end of the broadcast was - get used to a permanent high price of oil.

-- Tom

Same thing in the US. In Colorado there are enormous formations of shale oil. More oil then in Saudi Arabia. The problem is extraction costs which requires a price of oil to be at $70.00 to be worth while . Right now the infastructure doesn't exist to extract the oil at the volume needed. I suspect that will change.

[Wino]

Originally Posted by gbrumb

Same thing in the US. In Colorado there are enormous formations of shale oil. More oil then in Saudi Arabia. The problem is extraction costs which requires a price of oil to be at $70.00 to be worth while . Right now the infastructure doesn't exist to extract the oil at the volume needed. I suspect that will change.

If Uncle Sammy had stayed focused this past 30 years instead of sucking up for votes, the shale oil would be flowing like Coors beer at free happy hour in Golden.

[compushlep]

Originally Posted by lotuseclat79

Last Friday night on one of the news magazines broadcasts, I saw a short news story about oil.

It appears that in Alberta, Canada - there is enough oil to run the world for 100 years at the current rate of consumption around the world. Apparently, it is the largest know repository of oil in the world.

Unfortunately, the oil is in the form of tar pits which cost 3 times as much to extract it from the pit compared to extracting light sweet crude in liquid form.

The message at the end of the broadcast was - get used to a permanent high price of oil.

-- Tom

I hear it costs around $15-20 per barrel to extract oil from the tar sands, depending on location, which compares to about $3 per when they stick a pipe into the sand in the Middle East. There are almost no exploration costs though because all one has to do is go for a walk in the bog and voila, but the extraction equipment is lot costlier.

Anyway, the methods are getting more efficient so even at about $20-30 per barrel (lot lower than today's prices) they're basically happy to keep going strong. Some of the problems to overcome now, largely because of the remote location, are along the lines of delivery/transport, local infrastructure and finding/housing more workers ... big shortages in all those areas but no shortage of oil sands. There are also environmental issues, etc.

They're playing catch-up now in production, some of the last estimates I saw were doubling the output within the next 5 years and quadrupling by 2020.