I was in Fort McMurray on Monday when the multi billionaires visited Alberta's oil sands. They are causing quite a stir.
This formation of bitumen...oil embedded in sand, is reported to be the second largest reserve on the planet. I beg to differ. It is likely the largest. With current technology some 175Billion barrels of oil are available from the Alberta oil sands. But that is only a fraction of the total oil reserves in place but not yet accessible. New extraction techniques are being developed all the time. So I expect more supply to be available in the future coming from these new methods.
Saudi Arabia, as the reputed home of the largest reserves. They have not updated their reservoir statistics for decades. They are conventional suppliers and depletion has been happening all this time. I'm betting if they reviewed the actual reserves in hand now, they are going to be well below the Alberta available oil going forward from now on.
Below is a link to my blog site. I did an initial post on the Gates/Buffett Oil Sands Buzz today and followed up with a number of other oil sands related postings.
I work extensively in the economic, ecological and social spheres on oil sands development. I will be posting on oilsands regularly, particularly from an economic, ecological, social, aboriginal, reclamation, biodiversity perspective. I will also be commenting on the Alberta oil sands as a North American continental energy source for the United States.
Canada is already the largest provide of oil and natural gas to the United States. With the oil sands we become an enormous and sustainable energy provider. Alberta is the most viable alternative to the Middle East and Hugo Chavez energy dependency of today
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http://ken-chapman.blogspot.com/2008/08/gate-and-buffett-get-buzz-on-oil-sands.html
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