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The fact is the world consumes 30 billion barrels of oil a year. The Canadian oil sands have around 180 billion barrels in the best case scenario. There is oil shale as well but it costs such an exorbitant amount of money to produce and it emits much more CO2 in the process of converting it to usable oil. In the past it would mean the US in particular would consume less, demand would decrease, and prices would stabilize but unfortunately huge increases in demand from India and China will more than offset any decrease in US consumption. The fact of the matter is I believe we will see the price of a barrel of crude doubling if not tripling in the next few years. I sincerely hope I am wrong but people have to stop putting their heads in the sand and believing that cheap oil is coming back. In 1998 a barrel of crude somewhere between $10-15 (can't remember exactly) and is now pushing close to $130.
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