Skip to comments.China Has Its Eye On Canada's Oil
Posted on 06/28/2011 4:59:25 PM PDT by Kaslin
Energy: While the U.S. dithers with concerns about "dirty oil" from Alberta's rich tar sands, energy-hungry China makes Ottawa an offer it might not refuse. Memo to Washington: Pipelines can run west as well as south.
When President Obama pledged to wean us off foreign oil, we hoped he didn't mean our friendly ally to the north, Canada. Granted, it doesn't have beaches like Rio, where we're helping the Brazilians drill offshore, but we had hopes nonetheless.
Together, the U.S. and Canada have enough oil and natural gas locked up in shale formations, tar sands, Alaska, the Canadian Arctic and the Outer Continental Shelf to make OPEC pound sand. But we won't drill for ours and apparently, we don't want Canada's.
With more than 170 billion barrels, Alberta has the world's third-largest oil reserves, behind only Saudi Arabia and Venezuela and ahead of Russia and Iran. Daily production of 1.5 million barrels from the oil sands is expected to nearly triple to 3.7 million by 2025. The only question is, will this crude be flowing south to U.S. refineries or west for export to China?
At issue is the Keystone XL pipeline, parts of which have already been built, that would bring Alberta oil to Texas Gulf Coast refineries. The pipeline also could transport oil extracted from shale formations in the Rocky Mountain West.
The U.S. Geological Survey estimates the region, dubbed the Persia of the West, may hold more than 1.5 trillion barrels of oil, six times the proven reserves of Saudi Arabia, and enough to meet U.S. oil needs for the next two centuries.
(Excerpt) Read more at investors.com ...
In the US and offshore.
If Sarah Palin doesn’t make President, we sure could use her as Secretary of the Interior.
Oh we don’t need to drill. 0bama just released 30 million gallon of oil from the strategic oil reserve. That ought to last until hell freezes over
I am sure that Obama has no problem with this. Afterall, all our goods are made in China anyway, so they are the ones who need the oil, not us.
With prices dropping I'll likely start to reload to get through hurricane season.
She would make sure we would not have to be dependent on foreign oil
Irony and sarcasm well said. Two million more daily barrels for the whole world for 30 days (near the same time period before our deadline for default, big spending cuts or more monetization). As we know, thats not much. The world uses nearly 85 million barrels per day. Consumption in China, India and other countries is increasing.
Yeah, but I was being sarcastic. It was estimated the oil from the reserve, which should never have been released, to only last for 2 days
The oil from the reserve is priced higher than spot crude. Good luck selling it...
Can we export Unions, EPA, Osha and the IRS to China?
I am all for it
For 30 days? How about 2 days and this only here in the US
Post# 9 was meant for you.
Rumor has it that the red chi coms are dumping money into exploration in Wyoming too. A field stretching north from Cheyenne to Casper, Newcastle, Lusk and I think Fall River county Sd. I worked on a rig in the very corner of Sd. A mile from nebraska and about three miles from who.
We hit natural gas.
Only if you want a world war before lunch on Friday.
Remember that about 12 years ago, the Politburo ordered CNOOC ("Snook", China National Offshore Oil Corp.) to make an offer for Union Cal (that's Unocal/Union 76, Union of California). People got very uptight and said, ahhh, hell, they're going to cart off Unocal's Gulf Coast production and leave us with shortages and bidding wars here in the States. So the Administration said, ummm, no dice, and queered the deal.
What CNOOC actually wanted to do was a crude-swapping deal. Mostly they wanted Unocal's fairly recent Gulf of Siam reserve adds, which were impressive, and they were going to swap the Gulf Coast and other Stateside production for Indonesian and Middle East cargoes. It was actually a pretty smart play and would have saved them a bundle on transportation charges. But after the then-recent experience with Japanese taking out prime RE all over the country, nobody wanted to see another rush on US assets. Especially an oil company.
The CNOOC offer to buy, and the merger of Union Cal/Unocal into Chevron-Texaco, occurred in 2004-2005.