By DAVE EBNER | Globe and Mail
The oil sands are a $1.4-trillion bonanza, according to a study that forecasts the economic impact generated by the world’s second-largest deposit of crude in the 2000-2020 period.
And that conclusion is based on prices of just $40 (U.S.) a barrel of synthetic crude, the type pumped out of northern Alberta, roughly the same quality as West Texas intermediate, which traded at almost $67 Thursday.
Some of the benefits will be spread outside of Alberta, especially in the areas of government revenue and employment. the study says.
But based solely on gross domestic product generated by oil sands activity and expansion, Canada’s richest province is the jurisdiction that will grab most of the riches springing from the gooey black mud surrounding Fort McMurray, it says.
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Posted Fri Sep 30th, 2005