“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.”
At the rate OPEC is going, Canadian oil will soon be very price competitive.
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.