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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject	10/21/2003 2:48:36 AM
From: Seeker of Truth	Read Replies (3) of 74559

Jay, I worry about your Canadian Oil Sands Trust. One reason is that Encana,(ticker symbol ECA), a large and experienced oil company, sold their substantial interest in the oil-sands business Syncrude to COS. Now why would they sell if it's such a good thing? Another reason, is the oft mentioned matter of cost. The earliest stuff is still close to the surface and relatively cheap to get out. The later "enormous deposits" are far from the surface and expensive to pull up, literally(Force X Distance = WORK). Also liquefying the stuff so it can be pumped requires lots of energy inputs. So the net gain of energy isn't large. It's widely believed(short hand for who knows?) that a big part of the oil sands will never be extracted from the ground because it will take 500 barrels of oil to get 500 barrels of oil from there. I think Venezuela has similar tar sands. Now this second reason to be wary of COS may be a bunch of nonsense but the first(Encana's sale) is a hard fact which is also difficult to explain away. Chugs, Malcolm

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