With New Technology Being Developed, Canada Could Soon Move to No. 1 in World Oil Reserves
Here's one more reason why Duke economist Mike Munger was correct when he wrote several years ago that "of all the idiotic things that people believe, the whole 'peak oil' thing has to be right up there." Thanks to new, advanced oil recovery technologies currently being developed that would unlock Canada's vast oil sands deposits, our northern neighbor could soon surpass Venezuela and Saudi Arabia to become the No. 1 country in the world for oil reserves. From a July 24 article in the WSJ:
"Ten years ago, new oil field technologies unlocked vast crude supplies
from western Canada's oil-sands deposits, propelling America's northern
neighbor to the top echelon of the world's petroleum repositories.
Now oil companies here are experimenting with technologies that could
unlock even more reserves from what is some of the world's heaviest and
stickiest petroleum. The new technologies could also drive down the
cost of producing oil in Canada.
One consortium aims to get oil flowing to the surface by sending
radio waves from huge antennae pushed through wells deep
underground—adopting technology first developed for the U.S. government
to eavesdrop on underground bunkers.
12 Comments:
If Obama gets a second term, I sure hope he lets us get some of that Canadian oil.
How much more than 100% do you want?
As of right now, every last pound of that grit comes South.
Just think how much we'll get when we start using that "Rossi cold Fusion" technology.
Or, the Yogi Krishna, "levitation techniques."
Yikes
I think we are on the cusp of secular declines in oil prices. At more than $60 a barrel, almost any field is worth developing. And we are $80 or more.
By bad luck, most of the world's oil is locked up in thug-monkey states, such as Russia, Iraq, Iran, Saudi Arabia, Venezuela, Mexico, Nigeria, Libya etc etc etc.
Doesn't seem to matter, There is enough oil outside the money-thug states, and enough conservation going on, to put a lid on prices.
We could see a 20-year fall in oil prices, just as we did after 1980.
I don't much care about supply because demand is about to drop like a rock, over the next 5-15 years. I recently read an article about how IBM India moved a significant portion of their workforce to telecommuting in 2008. There is no reason most office work can't be done that way today: most workplaces only don't do it because they're fairly backwards in their thinking. With the great rise in competition in our globalized, internet-enabled world these days, it's only a matter of time for the cost efficiencies of telecommuting to lead to most companies embracing it. If they don't, they won't survive.
An economist who doesn't believe in peak oil - there's a shocker! I wonder what other geological and scientific certainties he doesn't believe in - the Earth being older than 4,000 years perhaps? Dinosaurs? The Earth revolving around the sun?
There is also technology now that allows bitumen to be upgraded to light crude that can then be transported through a pipeline.
Unlike older tech, it requires no natural gas. The energy source is the coke produced by the process. It is burned (as part of the process). Excess steam is used to get the oil out of the ground via a form of horizontal drilling, or used to make electricity.
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"An economist who doesn't believe in peak oil - there's a shocker! I wonder what other geological and scientific certainties he doesn't believe in - the Earth being older than 4,000 years perhaps? Dinosaurs? The Earth revolving around the sun?" -- Ian Brett Cooper
Thanks for playing. It's clear that you have hit "peak I.Q. points", probably somewhere in the low 80's.
Abiotic oil is the name of the game. Albeit secret...
Polymers of methane, heptane and octane are not fossil made they are made by the mantle of the earth at specific temperatures and pressures and released in deep and not so deep pockets.
That is why some wells replenish themselves over a quite short period of time. Methane is very present on other planets and moons of our solar system. (Moons of Saturn & Jupiter (Titan))Polymerization is thus a natural occurence. Blocks make chains...
Fossil origin of fuel is bogus...
And yes "they" are lying to us about that as they do about other things.
Are you guys serious? Are you really denying that oil is a finite resource on this planet? Even those with an IQ of 80 or less will be capable of seeing through this nonsense that the human population can go on using oil and not eventually use it all.
Oil is a finite resource a&s is the planet but not by a long shot, because it is simply not fossil and thus as methane, produced by the mantle at a high rate and replenishing wells all the time especially large and deep ones which proves my point. That does not mean that you can spendthrift it, not at all, but it proves that peak oil is a big lie to keep prices up and up and up, just like sounds of war etc... That is the big big lie amongst many others, America. Wake up.
Peak oil... Isn't that one of aesops fables?
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