Re: The Election ad Oil--Rebels1
in response to
by
posted on
Nov 03, 2008 01:08PM
Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta
MFireE
I don't think the election will have any major effect regardless of who gets elected.
In a prelimary draft of a IEA report coming out next month, it was reported that the 400 largest existing oil fields are depleting at about 9.9% per year. This is a near catastropic amount and if/when the economy picks up again the price of oil again will dramatically rise, making every drum that Canada can produce easily sold at premium prices. The situation will be even worse than that which existed prior to the economic meltdown, because many of the major capital projects by big oil have already been put on hold or have been delayed.
Martin