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Strategies & Market Trends : Commodities - The Coming Bull Market
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To: craig crawford who wrote (71)6/4/2001 11:18:07 AM
From: Thomas M.  Read Replies (1) of 1643
 
He also states that much of the undiscovered resources are in fact "unconventional oil" (tar sands, oil shales and other currently unrecoverable resources) and will be much more expensive to extract than "conventional" reserves, and therefore should not be considered as equivalent to reserves.

This is true. However, it is important to remember the actually numbers aren't quite as bad as hinted at. Oil from the tar sands in Canada are currently being recovered for ~$10 per barrel, and oil shale in Australia is projected to reach the same level. This is significantly more expensive than Saudi oil ($2 per barrel, I think), but it is probably not a reason to project $30 or $40 oil.

Tom
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