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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: PAST who wrote (35540)	8/18/2005 12:15:22 PM
From: mishedlo	Read Replies (2) \| Respond to of 116555

A post on the FOOL on oil Sands Cheney will be joining the ranks of US officials who have visited the vast oil sands in Alberta: theglobeandmail.com Excerpts: "He's expected to tour one of the major oil sands projects in Fort McMurray, meet Deputy Prime Minister Anne McLellan, speak to a gathering of the conservative Fraser Institute in Calgary, and steal away to an undisclosed location for a little hunting and fishing, according to Canadian and U.S. officials. Mr. Cheney would be the highest-ranking member of the Bush administration to make a pilgrimage to the oil sands -- home to the largest reserves of crude outside Saudi Arabia." Some interesting quotes: Oil producing countries in the Western hemisphere are waking up to the fact that they have a strategic commodity and new players such as China are "changing the rules of the game," he said. "Conversion of the vast Athabasca oil sands reserves in Alberta to productive capacity has been slow, but at current market prices they have become competitive...The unconventional is increasingly becoming conventional." Alan Greenspan, U.S. Federal Reserve Board Chairman, speaking at an oil industry conference in San Antonio, Tex., on April 5. "I hadn't realized, until these briefings I've had, just how vast these facilities are and what potential they have for the future." John Snow, U.S. Treasury Secretary, after touring an oil sands facility near Fort McMurray, Alta., on July 8. "[The oil sands] are certainly attractive to our friends in China. If there was ever a wakeup call for us to get to the front of the shopping line, the time is now." Pat Wood III, former chairman of the U.S. Federal Energy Regulatory Commission, speaking to reporters in Washington on April 14. "We appreciate the fact that Canada's tar sands are now becoming economical, and we're glad to be able to get the access toward a million barrels a day, headed toward two million barrels a day." President George W. Bush speaking to reporters in Waco, Tex., after meeting Prime Minister Paul Martin and Mexican President Vicente Fox, on June 23. theglobeandmail.com