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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: John Carragher who wrote (58825)	11/25/2002 6:20:00 PM
From: Brian Sullivan	Respond to of 281500

From the ECONOMICS OF OIL -- Where the Oil Is nytimes.com ... True, advances in drilling technology have made it financially feasible to extract oil from ocean depths of 5,000 to 10,000 feet, opening up fields off the coast of West Africa and Florida that would be more safely insulated from sabotage. But extracting oil from deep in the ocean is still much more expensive than extracting it from the ground. Most estimates suggest Saudi oil could be profitably sold for between $2 and $5 per barrel. By contrast, according to Steve Andrews, an independent energy analyst, deepwater oil must fetch a price of $14 to $16 per barrel before drilling becomes profitable. Likewise for oil extracted from tar sands in Canada and certain areas in Venezuela; that oil is so heavy and viscous that the refining costs were once prohibitive. ...