Quote:
Originally Posted by Jamroll
CThe U.S. is not happy with this state of affairs and as the global supplies get tighter the tensions between the two powers is more than likely to increase.
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That's true, but only to a certain extent. The US is concerned with getting cheap oil for as long as it can, but it still has massive reserves in its own backyard - Alberta has the second largest amount -approx. 180 bb - of proven reserves in the world, after Saudi Arabia, which has about 230 bb..
And that 180 bb is only what's economically extractable at this point in time, which is equal to about 10 percent. Alberta's actual estimated oil reserves are around 1.7 to 2.3 trillion barrels. Alberta also has about 90 trillion cubic feet of proven natural gas, with about another 500 tcf estimated. And although China's made several deals with Albertan energy producers so far, Alberta's still interested in selling to the US far more.
The US still has a lot to go on, even if all Mideastern oil dried up completely.
