Quote:
Originally Posted by IbnMardhiyah
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.  |
Yeah but is that enough to meet current and forecasted needs? If the reserves and production are not enough to meet those needs, even a slight decrease in production will throw the volatile oil market into a tizzy, which will have disasterous consequences. We need to develop new fuel technologies.
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