| | | I think what your missing Del. Is that with advancing technology has brought production costs for Suncor down to $28, per Bbl reported in the Q ending June 30-2015. and as methods advance further it is forcast to be lower yet.
There is not enough oil production to supply the world demand with lower costs. China, Russia, Iran, Venezuela and other S/A countries all have higher production costs. So is off shore drilling in the Gulf. Fording Oil shale in Texas nor the Bakken can compete when it comes to crude delivered to the refinery.
Although the latter two are getting better. The same horizontal whipstock & steam technology is already being used in the tar sands and other Canadian oil fields.
The world' biggest oil Giants. Cheveron, Shell. Exxon, Encana, Kinder Morgan Conoco Phillips. All have projects in Canada's oil sands which stretch from Alberta eastward to Saskatchewan, Manitoba, and perhaps even into Ontario.
Cenovus at their Christina lake project, where one of my sons is employed Has not slacked off building that project nor the pipelines out of it. There is 10 or 11 years left to go out of the 23 years it will take from start to finish. When completed all it is going to do is generate steam to pump under ground.
Basically it boils down to Saudi Arabia ,Quatar, Kawait and the UAE, with cheap oil.
Libya, Iraq, Yemen and most other Countries in the region are in such upheaval & turmoil. Production is undependable. New Zealand's oil seeps don't seem to be able to get off the ground.
bing.com
Australia's estimated 233 billion Bbl's in the Arckaringa Basin near the town of Coober Pedy may be referred as the next Saudi Arabia. But it is a distance into the future yet. The owner Linc Energy is still seeking a major partner to help develop it. Pipelines are already in place to port. But production costs there are yet to be determined.
Fort McMurray has grown as a supply center, pipelines out of the tar sands have been and still are being built to rail load outs and joining other existing pipelines for delivery to refineries.
Teck is just a drop in the bucket compared to these bigger companies. Who have done their homework on where oil production is going to take place over the next 50 years or more.
I think Obama refused the Keystone because the gulf refineries would shut off some higher cost US producers choose cheaper oil from Canada and if the line was built. Environmental concerns were simply a decoy.
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