Independent investment analysts “Investment U” are promoting Alberta’s oil sands as a “win-win” investment opportunity. They say: “the oil sands will soon be the single-largest source of foreign oil for the U.S. – even bigger than Saudi Arabia”. Oil producers can explore Alberta’s oil sands virtually “risk-free… and for a tremendous profit”.
“All of a sudden, the oil sands in Alberta, Canada have become a veritable ‘black gold’ mine. And Big Oil’s heavy hitters are wishing they acted sooner…”
“Just three years ago, when the average price of crude was $29.63 a barrel, producers didn’t find the profits to be worth the costs of processing the oil sands. But improvements in mining technology have dramatically reduced the cost of extraction, rocketing bottom lines skyward. According to the Oil Sands Discovery Centre in Alberta, it now costs an average of just $13.21 to process each of the 2.5 trillion barrels of oil embedded in the sands – a reserve 8 times bigger than Saudi Arabia’s… containing more oil than all OPEC nations combined”.
“Now, Big Oil companies that didn’t get in early can only sit by and watch as “savvy oil” laughs all the way to the bank. With crude selling for $60-plus, revenues at Albert’s premier oil sands producers are rocketing skyward.”
Pity they don’t mention the ecological cost of oil sands…