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Alberta oil too costly: Saudi official
Calgary Herald ^ | 11/14/07

Posted on 11/14/2007 6:23:22 PM PST by Dane

Alberta oil too costly: Saudi official Energy minister says Middle East a better investment than oilsands Shaun Polczer, Calgary Herald Published: Wednesday, November 14, 2007

Canada is one of the world's costliest oil producers and requires high prices to remain viable, Saudi Arabia's oil minister said in Riyadh on Tuesday, suggesting Saudi Arabia is a better value for investors.

Commenting in Arabic, Ali Al-Naimi noted that the "sands of oil" in northern Alberta need prices to be at least $40 to $60 US a barrel to develop the massive reserves, which are pegged as second only to Saudi Arabia's.

"Today, the price of oil is proper for producers there," he said at a news conference to kick off the third OPEC summit.

"If you can show me that investing and producing a barrel from the sands in Canada is better than investing and producing a barrel in Saudi Arabia, then I would go there, but it doesn't," Al-Naimi said bluntly.

(Excerpt) Read more at canada.com ...


TOPICS: Business/Economy; Canada; Extended News; Foreign Affairs
KEYWORDS: energy; oil; oilenergy; saudi; tarsands; wot
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To: KarlInOhio

Hmmm, that is a tough call. Bombs, or Canadian tourists...

Have you ever dealt with Canadians? For years I served them as retail customers, then I married one of them. Can’t they just stay home, send us their money?


21 posted on 11/14/2007 6:45:27 PM PST by Professional
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To: OCC
If I knew my gasoline was derived from Canadian oil sands and not Saudi crude, I would gladly pay $3 a gallon at the pump.

Say what? I paid three bucks per gallon at the pump this very day.

Can't rightly say it was "gladly". But in view of everything, I'm glad we're not having to line up at the pump to be allowed 5 gallons every other day, or some other sort of rationing like we did in '73 (then having the station run out of gasoline before you get to the pump.)

22 posted on 11/14/2007 6:45:44 PM PST by Ole Okie
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To: kinoxi
The technology to develop it will follow.

The technology is already there. Testimony to that is the glut of refineries and refinery expansions currently underway in Ft. Mac, Edmonton and other areas.

The cost for processing tar sands has been greatly reduced in the past several years.

23 posted on 11/14/2007 6:45:52 PM PST by Michael.SF. ("democrat" -- 'one who panders to the crude and mindless whims of the masses " - Joseph J. Ellis)
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To: Dane

Just wait...the largest oil field/s in the ME will be in Iraq. The crude will be an extremely high grade. Sunni territory...saddamn wouldn’t open up this area...that’s why the Sunnis’ are against al qeada...exploration companies require no violence...


24 posted on 11/14/2007 6:46:20 PM PST by shield (A wise man's heart is at his RIGHT hand;but a fool's heart at his LEFT. Ecc 10:2)
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To: Professional; Moonman62; Dane

There is another thing to consider also. If we don’t buy up all the oil we need in the middle east, someone else will. As long as we are a big customer of middle eastern oil, we have some control over the middle east economy, and therefore can influence their governments. The threat of drilling our own oil gives us that influence. But once we follow through with that threat, there is no longer anything to barter with.


25 posted on 11/14/2007 6:46:50 PM PST by mamelukesabre
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To: Dane

Exact-o-mundo, my friend. They want us to be vulnerable to extortion. Oil independence is not in THEIR favor.


26 posted on 11/14/2007 6:47:36 PM PST by SatinDoll
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To: KarlInOhio

How do you know that if we start buying canadian oil that canada won’t join OPEC?


27 posted on 11/14/2007 6:49:02 PM PST by mamelukesabre
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To: Ronin
I can tell you that the Saudis are worried. The only way they will be able to prevent Alberta Oil Sands development is to bring the price per barrel down to $30.00

Not likely. The Saudis are on the take, and it will be their last hurrah. At $90.00 a barrel, my Aunt Harriet is wringing oil out of her petunias.

Alberta oil sands in here to stay. Even the most conservative investment cousellors in Canada are advising their investors to buy now. There are two companies involved.

That has the Saudis all cranked.

Too bad. They have competition OUTSIDE of OPEC.

And whats more: " Screw you Chavez!"

28 posted on 11/14/2007 6:50:53 PM PST by Candor7 (http://en.wikipedia.org/wiki/Battle_of_Baghdad_(1258))
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To: misterrob

That was unkind!

GO PATS!


29 posted on 11/14/2007 6:51:10 PM PST by acapesket (never had a vote count in all my years here)
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To: mamelukesabre
How do you know that if we start buying canadian oil that canada won’t join OPEC?

Do you really think Stephan Harper would join OPEC?

30 posted on 11/14/2007 6:52:03 PM PST by Dane ("Mr. Gorbachev, tear down this wall" Ronald Reagan, 1987)
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To: Ronin

“Stable supply is more important than low price IMO.”

Don’t forget to factor in transportation and security costs. Extracting oil from unstable hellholes and bringing it to market costs money. Of course, having our energy source next door in a secure, English-speaking area will be worth whatever we pay at the pump.


31 posted on 11/14/2007 6:52:09 PM PST by tanuki (u)
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To: Dane
suggesting Saudi Arabia is a better value for investors

Well, Saudi oil is certainly much, much cheaper, as long as it lasts. But what does he mean by saying that it is a better investment? The major US oil companies invested in Arabia, and the Arabs nationalized the operation.

So, how is it a better investment to put your money in a part of the world where terror is common, the locals are too lazy to do their own work, and any money you put in will be confiscated?

Sure, you can go and work for the Saudis, and get paid well because it's such an unpleasant place. But invest?

32 posted on 11/14/2007 6:52:10 PM PST by Cicero (Marcus Tullius)
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To: mamelukesabre

You have to look at the bright side of things. Yes, gas is expensive, but have you seen all the “dollar” menus at the fast food chain?

Dang, most of the places are within a block of each other, you can just pick and choose, build a sensational meal with value, for like 3 bucks. Full meal deal, cheaper than a gallon of gas, who’d a thunk that 30 years ago huh?


33 posted on 11/14/2007 6:53:10 PM PST by Professional
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To: Dane

Too expensive for WHOM? Not for them, they’re not buying. I think it is worth it and 20%, just to disengage from the sand-pounders.


34 posted on 11/14/2007 6:53:26 PM PST by bboop (Stealth Tutor)
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To: mamelukesabre

Competition is ALWAYS good for the competitior (and the consumer); I doubt Canada wants to share it’s oil with the “3rd World”, especially under a Conservative Prime Minister.


35 posted on 11/14/2007 6:53:29 PM PST by JSDude1 (When a liberal represents the Presidential Nominee for the Republicans; THEY'RE TOAST)
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To: Dane

Isn’t norway a member of opec? I don’t see any reason why canada wouldn’t join opec.


36 posted on 11/14/2007 6:53:54 PM PST by mamelukesabre
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To: Professional
A theory I have, is the US is intent on paying what seems to be expensive prices today, buying overseas, to save our own hemisphere stocks for later. Smart plan, and allows for a very large strategic oil reserve.

I'm glad someone else has finally made that observation.

37 posted on 11/14/2007 6:54:35 PM PST by Centurion2000 (False modesty is as great a sin as false pride.)
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To: Dane

Energy independence is one of the most important planks of any war on terror. We shouldn’t have to depend on what some Middle Eastern (or South American) (or Eastern) dictator says to be able to get ourselves to our jobs.


38 posted on 11/14/2007 6:55:37 PM PST by mysterio
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To: Dane
Saudi, afraid of a little compititon?
39 posted on 11/14/2007 6:57:12 PM PST by Biggirl (A biggirl with a big heart for God's animal creation, with 4 cats in my life as proof. =^..^=)
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To: Centurion2000

Hey, it only took me 40 yrs.


40 posted on 11/14/2007 6:58:09 PM PST by Professional
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