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Conley
12-03-2011, 11:32 AM
The latest BP review estimated that, in 2010, Canada had more than 175bn barrels of recoverable oil - just behind Venezuela at 211bn and Saudi Arabia's 264bn.

But not all oil comes out the same.

Whilst Saudi oil is relatively light and comes out of the ground relatively easily - at a cost often of less than $10 a barrel - Canadian oil is heavy, sticky and can cost more than $60 a barrel to extract.

Most of Venezuela's oil fits into the same category - though it is extracted differently.

This high cost makes extracting Canadian oil more risky; investment almost ground to halt during the recession as the price of oil fell below the cost of production.

The product produced is called bitumen - often labelled as tar by its opponents.

http://www.bbc.co.uk/news/business-15889665

Good discussion of the differences between the oil in Canada and that in the Middle East. It's a complicated process to extract here in North America.

The Chinese are also buying up stakes in many of the Canadian oil sands companies.

MMC
12-03-2011, 11:46 AM
Plus Canada passes most of that cost to us..... :angry: see we should have taken over Canada a long time ago. It is doable. :laugh:

Conley
12-03-2011, 03:33 PM
Plus Canada passes most of that cost to us..... :angry: see we should have taken over Canada a long time ago. It is doable. :laugh:

How do they pass the cost to us?

I figure they process it before they send it down the pipeline to Texas?

Mister D
12-03-2011, 04:15 PM
How do they pass the cost to us?

I figure they process it before they send it down the pipeline to Texas?

I'm not sure either. I'll wait for MMC to return. I'd think that if we refine it here where we have a lot of capacity it would be much cheaper. If it's refined in Canada it would be more expensive. That's how I understand it but I don't know much about this stuff.

ritchie
12-03-2011, 04:38 PM
I'm not sure either. I'll wait for MMC to return. I'd think that if we refine it here where we have a lot of capacity it would be much cheaper. If it's refined in Canada it would be more expensive. That's how I understand it but I don't know much about this stuff.

That makes sense to me.

MMC
12-03-2011, 06:32 PM
Well that was one of the points.....the other is the US pays a Security Fee to Transport all Oil. Or it use to be so. Although I have never heard it being removed.

Mister D
12-03-2011, 06:49 PM
We have much more refining capacity than Canada does. On the other hand, I'd rather se money going to Canada than the camel jockeys.

MMC
12-03-2011, 07:09 PM
I say we take the Oil from Canada.....and we Make them keep Justin Beiber up as close to the North Pole as much as possible. :evil:

Mister D
12-03-2011, 07:19 PM
Beiber is a Canuck?

MMC
12-03-2011, 07:24 PM
:yepp:

Conley
12-03-2011, 07:26 PM
I say we take the Oil from Canada.....and we Make them keep Justin Beiber up as close to the North Pole as much as possible. :evil:

:laugh: You're really into the idea of invading Canada aren't ya? :grin:

I guess up where you are you deal with them more than I do. I hardly ever see em down here.

Mister D
12-03-2011, 07:31 PM
:laugh: You're really into the idea of invading Canada aren't ya? :grin:

I guess up where you are you deal with them more than I do. I hardly ever see em down here.

I liked Bryan Adams when I was a kid. I still like his old stuff...eh. :smiley:

Conley
12-03-2011, 07:35 PM
Oh yeah, me too.

MMC
12-03-2011, 07:41 PM
:laugh: You're really into the idea of invading Canada aren't ya? :grin:

I guess up where you are you deal with them more than I do. I hardly ever see em down here.

Don't forget Mexico too.....:angry: It will solve the Immigration Problem and at the same time Secure all our borders. Plus Americans will have more land and all That Gold!