Canada's oil supply could top Saudi Arabia in just 10 years: report

[Heath]

Alberta's oilsands could become the single biggest contributor to the world's supply within 10 years, says a report released Wednesday by CIBC World Markets.

That would mean a global shift in oil dominance from Saudi Arabia and the Middle East to Canada.

The study of 164 new oilfields and projects indicates oil markets "will become even tighter over the next three years" if global demand continues to grow at its current pace, said Jeff Rubin, Chief Economist at CIBC World Markets.

The main reason is most of the new oil coming on line this year will simply offset older oilfields being depleted in the North Sea and Kuwait.

Rubin suggested global conventional oil production peaked in 2004. New supply in 2007 is expected to grow by less than 1.5 million barrels per day and will fall to less than one million barrels per day in 2008, the report says.

"All of the net increase in oil production this year is expected to come from non-conventional sources. While deep-water oil is the primary source today, we forecast that Canadian oilsands will become the single biggest contributor to incremental global supply by 2010."

The study suggests planned capacity expansions in the Alberta oilsands over the next decade will exceed even those in Saudi Arabia.

Rubin also noted Canadian oilsands would also be one of the few remaining oil developments still open to private investment.

Oil prices are expected to average more than $70 US per barrel this year.

http://www.cbc.ca/story/canada/national/2006/01/11/canadian-oil060111.html

 

[Rose Immortal]

That could have some interesting political implications if that's the case.

I would like to see more exploration into alternate fuel technologies, though...that's the other way to break our dependence on oil.

 

[Heath]

That could have some interesting political implications if that's the case.

I would like to see more exploration into alternate fuel technologies, though...that's the other way to break our dependence on oil.

Yeah RoseImmortal, Alaska is going to open up soon for the oilfields , my 1st concern with that is the environmental issues. You are right there would be some very interesting political implications.

 

[Miss-Delectable]

It'll be good news for Canada if it happen. I bet it'll be cheaper for US to buy their oil on the account of US/Canada free trade treaty.

 

[Rose Immortal]

Yeah RoseImmortal, Alaska is going to open up soon for the oilfields , my 1st concern with that is the environmental issues. You are right there would be some very interesting political implications.

I've heard two different takes on those environmental issues...one side says they'd be sweeping and the other says the impact is being wildly exaggerated. I'm not sure which one's the true story...probably somewhere in between, considering it's such a partisan issue.

 

[Cousin Vinny]

Alberta's oilsands could become the single biggest contributor to the world's supply within 10 years, says a report released Wednesday by CIBC World Markets.

The word in boldface says it all. From what I know (and it is very little, indeed!), it is very expensive to extract oil from sand in Canada. It appears that Canada has known about their oilsands for years and yet did not make any necessary investments in needed infrastructure to extract oil from sand and refine it into useful means needed for energy purposes.

Now that oil is hovering at around $70 per barrel, all of a sudden, it's worth the investment to extract oil from oilsands in Canada. Believe me, if that happens, rest assured the oil prices will not drop below to affordable levels just because Canada is U.S.'s major trading partner. It'll still be at market price (an arm and a leg!) at the time it's extracted.

 

[diehardbiker]

I can BET that it won't happen, for a good reason.

Canada is VERY picky, on environmential issues and they won't even dare to think to allow more oil field to mess up with their environment.

We have heard enough talk of how much oil is under the Canada for years! Nothing happens, and this is gonna to stay that way as per Canada's government law.

 

[Endymion]

I can BET that it won't happen, for a good reason.

Canada is VERY picky, on environmential issues and they won't even dare to think to allow more oil field to mess up with their environment.

Great point, DHB!

 

[Rose Immortal]

I can BET that it won't happen, for a good reason.

Canada is VERY picky, on environmential issues and they won't even dare to think to allow more oil field to mess up with their environment.

We have heard enough talk of how much oil is under the Canada for years! Nothing happens, and this is gonna to stay that way as per Canada's government law.

If the prices of gas become unlivable for Canadians (consider their taxes are much higher than ours), do you think they'll change their minds at all?

 

[Nesmuth]

The liberals that seem to rule Canada nowadays would listen to the environmental extremists and leave the oil alone.

Richard

 

[Banjo]

If the prices of gas become unlivable for Canadians (consider their taxes are much higher than ours), do you think they'll change their minds at all?

Much higher?

It does tend to be a little higher, not such a HUGE difference though. But we do get much access to the social and health programs as they're funded by our tax money. There are some problems, but that's reserved for another discussion which should be quite interesting.

Personally, I'll rather have no more oil fields set up in Canada because that way, it may encourage the carmakers to make more investments in alternative energy sources. Not only to mention the fact that these oil tycoons continue to post profit records and yet they're jacking up the prices. It just doesn't make any sense.

The only logic is... greed. Oil companies used to compete against each other, now they are collobarating, they are here in Canada. Feel free to prove me wrong, I'm pretty confident that they are. After all, dozens of gas stations in my area are all the same with a fraction of a cent in difference between each other. For example, Esso is selling gas for around 96.7 per litre while Sunco is selling theirs for 96.8 per litre and Pioneer is selling gas at 96.6 per litre.

People need to get serious about the environment because it may end up being unreversable if we don't take action soon enough. People tend to think of the jobs it may cost, but think of how much the costs of healthcare will rise if nothing is done. We don't want to start living in bio-domes, do we?

Dozens of millions of cars are being driven every single day in Canada... imagine the dangerous emissions coming out of it. If you were to put a car in a room the size of the average bedroom with no vents, you'll die within 30 minutes because of the toxic elements from the emissions from the car.

Now, try to put the figures in your head by having a billion cars, more or less being ignited every single day and the emissions that goes into the air. I'll like to know how many cars are being used every day in the USA. With a population of 300 million, I wouldn't be surprised if it's at least 100 million and the USA is much smaller than Canada which makes a huge difference. These emissions are not meant to be in the air, we've already done enough damages with the ozone layer and these cars aren't helping very much.

Alternative energy sources need to be sought NOW, not later. I don't meant to sound like a crazy person, but I feel that if we don't do something now, it'll be too late then. We're only leaving the world in ruins to our future generations to clean up or die from.

 

[Banjo]

The liberals that seem to rule Canada nowadays would listen to the environmental extremists and leave the oil alone.

Richard

Our environmental records aren't that pretty as some people are led to believe. We have a lot to be ashamed of along with the USA.

 

[loml]

Alberta's oilsands could become the single biggest contributor to the world's supply within 10 years, says a report released Wednesday by CIBC World Markets.

That would mean a global shift in oil dominance from Saudi Arabia and the Middle East to Canada.

Banjo,

Perhaps a person should vote "Green Party" in the upcoming election. I would hate for Canadian leadership to be interpreted as a "dictatorship", the implications of that could be catastrophic.

 

[Banjo]

Banjo,

Perhaps a person should vote "Green Party" in the upcoming election. I would hate for Canadian leadership to be interpreted as a "dictatorship", the implications of that could be catastrophic.

Liberal Party is basically dictating the country. They've been in power for many years. I didn't vote for them in the last election, the same goes for this election. I'm a voter and proud of it. I'm sick of the Liberal party, they aren't true to their words, they never are.

One has to understand that by allowing people to build whatever they please isn't always a good thing. Many cities have restrictions on certain types of buildings and land development because it's their rights to.

Having more oil fields doesn't exactly motivate people to start looking into alternative energy sources. Hybrid car models are already on the rise because of the costs and it's only a matter of time before they realize that they have to make some major changes.

When it come to environmental issues, compromising the land developers' rights is necessary. At least it is in my opinion. Environment come first, not the capitalists. I am not anti-capitalism or anything, I do believe in capitalism since it keeps our country alive and provide jobs for everybody. People's health and wellness cannot be compromised especially when they are the workforce and drive the economy of our country. How can they continue to work if the environmental issues are strongly neglected?

The pollution we've created has a large impact on our health. In fact, a good number of infant deaths was due to the heavy pollution among cities like Toronto, Montreal and more. God forbid that you come here in the Niagara region during the summer when it get humid... the smog level is high when it come to that. Really, it's already causing problems. All of the pollution here come from Toronto, Montreal, Hamilton and many more cities.

By the way, the local candidate for Green party was recently complimented for his comedian stand-up routine by a local newspaper columnist. Yeah, you can imagine he wasn't too happy with that compliment. :-P