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Gold/Mining/Energy : Copper Fox

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To: Metacomet who wrote (9393)	3/31/2015 4:11:13 PM
From: mudguy	of 10654

Even if you accept the trajectory for fossil fuel consumption levels off (stops growing) and then declines, the credible timeline for a large scale transition is decades. Every day, the world uses almost 90 million barrels of oil, and that will come from increasingly expensive to exploit sources. The energy input with oil sands is higher than conventional crude, but there is very little conventional crude being developed these days and many of the energy life-cycles are comparable (+20-35%). I first went to Ft Mac in 1982. People thought is was insane to produce heavy oil that way. Production costs were sky-high and the waste was significant. A lot of smart people have optimized the processes and the production has grown to levels that were inconceivable at that time. Today, most of the large scale production is around $30/bbl, and SAGD will reduce the environmental footprint (but not the energy footprint) significantly. Lots of embedded energy in the clean energy future, unfortunately, most of it will come from fossil fuels. That is why Teck is still committed to Fort Hills. I'm no fan, but I understand the argument.

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