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Politics : View from the Center and Left
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To: Lane3 who wrote (25215)7/26/2006 11:42:10 AM
From: DavesM  Read Replies (2) of 541836
 
re: "How, pray tell, does an increase in price increase the supply of oil in the ground?"

There is a limited supply of oil, if all you are willing to do is stick a hole in the ground then pump the oil out. Now that the price of oil has increased to the level that tar sand operations make economic sense, Canada has the world's second largest oil reserves. If oil stays this expensive, it may become economic to exploit America's rather large shale deposits. The oil shale deposits in the United States amount to about 1 trillion barrels of oil (Wikipedia has an article on the subject that claims that Shell oil has a method of recovering oil from shale deposits that works economically, if the world price of oil stays above $30 a barrel).
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