Posted on 11/14/2007 6:23:22 PM PST by Dane
He’s bluffing. They can make money at $34/BBL in Canada, and that price is dropping every year.
At these prices, it will be Fortress North America within three years. Europe is looking very seriously at coal conversion rather than oil/gasoline importation.
Stability is a HUGE consideration. Witness the pipeline deal made between Poland and the Ukraine done specifically to bypass Russia.
Countries have had it with these morons.
We have been buying canadian oil for many decades.
Total U.S. Crude Oil Imports From Canada
http://tonto.eia.doe.gov/dnav/pet/hist/mcrimusca2m.htm
We import more oil from Canada than from any other country.
U.S. Imports by Country of Origin
http://tonto.eia.doe.gov/dnav/pet/pet_move_impcus_a2_nus_epc0_im0_mbblpd_m.htm
OPEC was created at the Baghdad Conference on September 1014, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962); Socialist Peoples Libyan Arab Jamahiriya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (19731992); Gabon (19751994) and Angola (2007).
New slurry hydrocracking technology allows for greater use of hard-to-process heavy crude oil and oil sands bitumen primarily found in Canada, Venezuela and the United States
DES PLAINES, Ill.--(BUSINESS WIRE)--UOP LLC, a Honeywell (NYSE: HON) company, announced today that it has expanded its portfolio of technologies to help refiners produce clean gasoline from heavier crude oil.
UOP’s new slurry hydrocracking process, based on a technology licensed from Natural Resources Canada (NRCan), is designed to upgrade bitumen, a heavy, tar-like, highly contaminated oil derived from oil sands commonly found in Canada, Venezuela and the United States, as well as other heavy, highly contaminated feeds found in other parts of South America and the Middle East.
“As demand for oil continues to grow and light conventional crudes become less available, there are more opportunities to tap a vast supply of heavy crudes,” said Ashis Banerji, director of refining technology for UOP’s Process, Technology and Equipment business unit. “Our new technology allows refiners greater ability to process more difficult crudes and completes UOP’s residue upgrading portfolio. Combined with our hydroprocessing technology solutions, it enables us to offer our customers a complete range of solutions not previously available to help them optimize production while meeting growing demand for ultra-clean gasoline and ultra-low sulfur diesel.”
“The Government of Canada has decades of science and technology experience in developing oil sands technologies to meet the special challenges of upgrading bitumen,” said the Honourable Gary Lunn, Minister of Natural Resources. “Through groundbreaking partnerships, such as this one with UOP, we are taking full advantage of the immense energy resources that lie buried on our own doorstep.”
Oil sands, also known as tar sands, are a mixture of sand, water, clay, and bitumen. The bitumen extracted from oil sands is nearly in solid form, making it difficult and expensive to process into gasoline, diesel fuel and other products, and many of these heavy crude oils contain high concentrations of metals such as nickel and vanadium as well as complex hydrocarbons that make conventional processing methods uneconomic. UOP’s slurry hydrocracking process utilizes a slurry catalyst to upgrade bitumen and heavy crudes to lighter distillates that can then be used to produce clean gasoline and ultra-low sulfur diesel.
UOP’s slurry hydrocracking technology is based on a technology originally developed by NRCan that develops innovation and expertise in earth sciences, forestry, energy and minerals and metals to ensure the responsible and sustainable development of natural resources. It was further developed and proven commercially viable at the Petro-Canada facility in Montreal over a 15-year period starting in 1985. High availability of cost-effective lighter crudes at that time left little demand for the technology, but feedstock availability is now shifting. The volume of non-OPEC heavy crude supplied to the market increased 23 percent between 2000 and 2004 while the volume of light crude oil dropped 10 percent over that same period.
According to the U.S. Energy Information Association, roughly 80 percent of the world’s bitumen is located in Canada. Independent energy industry consultant Purvin & Gertz predicts that bitumen-derived synthetic crude oil production will increase from the approximately one million barrels per day (bpd) produced today to four million bpd by 2015.
UOP’s residue upgrading portfolio currently includes a wide range of solutions to convert petroleum residues to ultra-clean gasoline, jet fuel and diesel. UOP has licensed more than 200 hydrocracking units and residue hydrotreaters worldwide, with more than 120 in production today.
UOP LLC, headquartered in Des Plaines, Illinois, USA, is a leading international supplier and licensor of process technology, catalysts, adsorbents, process plants, and consulting services to the petroleum refining, petrochemical, and gas processing industries. UOP is a wholly-owned subsidiary of Honeywell International, Inc. and is part of Honeywell’s Specialty Materials strategic business group. For more information, go to www.uop.com.
Honeywell International is a $34 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell’s shares are traded on the New York, London, and Chicago Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor’s 500 Index. For additional information, please visit www.honeywell.com.
This release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
The Brazilians think they have 80 BILLION barrels in their new field off their coast. Looks like the Saudis may have shot themselves in the foot with $95/bbl oil. I’d much rather give the Canadians and Brazilians my money than our enemies in the Middle East.
I would pay 10 cents more per gallon if I could be assured that every penny went to Canada and NONE to Arab vermin or Chavez.
"Save" for what? "Peak Oil" is total nonsense. Most of the oil on this planet has nothing to do with "fossils" or dinasaurs, but is produced by the Earth herself. Man is finding larger pools of oil every year. I don't believe we could ever use the vast amounts of oil that exist under land and sea. But here we sit not grabbing it, accepting the machinations of both environmental wackos and the oil industry that guarantee inflated prices, all so we can send $1 billion per day out of this country and enrich our most mortal enemies. It is pure insanity. Ethanol is a sick joke. The world is an oil economy. We need to find and produce massive new oil to fuel it.
They don't need terrorism. They know that in terms of oil alone, they have the Western world- and the US- by the kahunas.
It is time to explore/drill/refine here in the US.
That is ridiculous. First of all there is more oil "elsewhere" than we ever imagined (see Brazils offshore discovery last week for example). Secondly, by exporting trillions of U.S. dollars to our enemies now--Saudi, Venezuelan and Iranian--we permit them to buy up all of our assets on the cheap and insure that the future will be one of slavery to foreigners.
More insidiously, it comes back in 9.5% of NewsCorp (Saudi Prince bin Talal) and 20% of the NASDAQ (Dubai), among other Trojan horses.
If Canada wants to reject investors and try economic isolation, so be it. First, the oil taxes/royalties scandal, and now this.
High loonie could take bite out of economy, Bank of Canada warns
http://www.theglobeandmail.com/servlet/story/RTGAM.20071114.wjenkinsstaff1114/BNStory/Business/columnists
UPDATE 1-Canadian dollar sags after Jenkins speech
http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2007-11-14T175429Z_01_N14178572_RTRIDST_0_MARKETS-CANADA-DOLLAR-BONDS-UPDATE-1.XML
Uh...and just why is he bringing this up? Fear of competition, maybe? The last thing they want is for the US to get oil from Canada instead of Saudi Arabia, so they’ll say anything to discredit the Canadian oil industry.
I swear...oil, money, Arabs, and Islam has got to be the worst combination of things possible to exist within one country.
K*ss emeq to the Saudis. Let them go back to cooking their food over camel shi’ite..
That would be a good play if we were already building the capacity. By saving everything untouched in the ground even a crash balls-to-the-wall national war effort would not get the oil out of the Gulf or ANWR very quickly. It would still be years. There would be some credibility to the notion if we were removing all the unnecessary hoops and expenses for Nuke plants and building new or converting plants for coal.
If there is any nervousness at all that Arabia would undercut Canada and keep the price low just to prevent Canadian competition the answer to that would be for the government to simply guarantee to buy whatever the Sands produce at a base profitable price, say $42 for 20 years and resell it in the market. However I don’t think the Sauds will let the price fall to a rational level again. They know their dominance will end in the not too distant future and they are going to get the most they can get for their oil before it runs out.UAE is the model for rational planning over there, reinvesting all that oil wealth in all sorts of things. UAE is aking itself a very attractive target for conquest by any of its neighbors in a little while as it really begins to soar while the other ME countries run out of their cash cows.
The quotes I have seen for Sands oil profitability have remained pretty stable for several years at around $40 while the dollar has been sliding in value.It seems to me that the real cost of extraction must be half now of what it was projected to be at the beginning of Bush’s term.
However, nothing they say will have the remotest effect on oil supplies and production.
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