Iraq War > Greatest Oil Reserves by Country, 2006

[KXA]

Greatest Oil Reserves by Country, 2006


RankCountryProved reserves (billion barrels)

1. Saudi Arabia 264.3
2. Canada 178.8
3. Iran 132.5
4.I raq 115.0
5. Kuwait 101.5
6. United Arab Emirates 97.8
7. Venezuela 79.7
8. Russia 60.0
9. Libya 39.1
10. Nigeria 35.9
11. United States 21.4
12. China 18.3


People always make the argument that oil is the major driver in the Iraq war, I wanted to get some facts on this to determine its $ value. Anyone know how this breaks down???


Here is a stab 115 billion barrels x $65 = Appox $7,500 billion


Cost $15? $1,725 billion = Net Proceeds $5,775 billion


I assume foreign oil companies put in the infrastucture and take a % of the Net Proceeds. anyone know the breakdown. What's saudi's breakdown with aramco?

[mas-36]

If Canada has the 2nd largest oil reserve in the world, then why the f#%k are we buying it from Saudi Arabia so much? We've no one but ourselves to blame for all the funding the terrorists get!!

[KXA]

If Canada has the 2nd largest oil reserve in the world, then why the f#%k are we buying it from Saudi Arabia so much? We've no one but ourselves to blame for all the funding the terrorists get!!


http://www.infoplease.com/ipa/A0922041.html


It's interesting, see above link, looks like Canada doesn't produce that much oil compared with other nations.....I think Saudi and Middle Eastern Oil is the cheapest to extract, which had significance at the $10-$20 price points in the past, but at $65 a barrel I don't think it does......time for canada to increase oil production and export it.......

however, this will not stop ME oil from big export $'s because the chinese and indian oil needs..... however maybe then the chinese and indians will be sending troops to the region to ensure stability instead of the west????

[Kaapeli]

If Canada has the 2nd largest oil reserve in the world, then why the f#%k are we buying it from Saudi Arabia so much? We've no one but ourselves to blame for all the funding the terrorists get!!

Canadian oil is heavily mixed in sand and it's very expensive to extract.

[Hollis]

Why buy oil from someone else? Simple answer, it is believed that oil as resource is finite. So when the oil is other countries run out, Canada will still have oil. Now your in the Oil business, you buy crude and sell refine fuel. What does the source have anything to do with it, especially if you make the same margin. Actually if you can hold the same margin for cheap crude as expensive crude, expensive crude will make more money.

Plus if you hold rights to the local oil fields, they are a investment that will grow with time, so why use that investment.

Stratigically, it is better to use up someone's else reserve than your own, that will they will not have you over a barrel (ok bad joke)

[Belrick]

These by the way are proven oil reserves. There is undoubtably a lot more yet to be found.

By the way i'm a fan of abiogenesis in the creation of oil. Does that make me a quack?

[Thor]

Sand or no sand, that oil looks like it's sent from heaven. Europe and North America probably could get together and strategically invest in technology to enable more efficient extraction of the canadian oil.


These by the way are proven oil reserves. There is undoubtably a lot more yet to be found.
A few years ago I read that there is still more oil found each year than the entire yearly consumption of oil in the world. But it might have changed since then.

[Greek soldier]

If Canada has the 2nd largest oil reserve in the world, then why the f#%k are we buying it from Saudi Arabia so much? We've no one but ourselves to blame for all the funding the terrorists get!!

Because one barrel in Saudi Arabia costs US$1. We also have oil reserves, but extraction costs is ca. US$45 .

And guess what. The largest corporation in the world is Saudi Aramco.

[Combatbookworm]

Extracting from the Canadian oil sands in Alberta is also extremely damaging for the environment for it is open pit mining. Also the chemical waste created from refining the oil is very damaging, and they do not know what to do with it. It takes a long time to process, and could not meet demands as fast, making it a steady source with no quick distribution. None the less, the province of Alberta pays no provincial tax, and are laughing all the way to the bank.

[balrog]

Canada has oil in more places than just Alberta. The laws in Canada make it difficult to drill and extract the oil. There are ebvironmental and land rights issues (the total of native land claims exceeds the total area of Canada!). There are major reserves off the west coast that haven't been touched.

[Abolith]

If Canada has the 2nd largest oil reserve in the world, then why the f#%k are we buying it from Saudi Arabia so much? We've no one but ourselves to blame for all the funding the terrorists get!!

same reason that we (the U.S.) are not developing the JACK oil fields or the new fields next to Purdue Alaska... make them use thiers first so we are the only ones left with oil in 20 years... and the tree huggers are making it impossible to drill anymore.

[p$ycho+log!cal]

If Canada has the 2nd largest oil reserve in the world, then why the f#%k are we buying it from Saudi Arabia so much? We've no one but ourselves to blame for all the funding the terrorists get!!

becuz our great liberal governement sold our oil compagnies(on canadian soil) to the saudis back in 90 so now were buying our OWN oil to saudis...

[Violet Fashion by Mindy]

I'm sure Australia will come up on these to soon. We have oodles of gas. And something like only 10% of our landmass has been properly surveyed.

:)

[VetsandVettes]

If Canada has the 2nd largest oil reserve in the world, then why the f#%k are we buying it from Saudi Arabia so much? We've no one but ourselves to blame for all the funding the terrorists get!!

SOME of our oil is hard to get at and the environmentalists make it harder. I think we should reduce the cost of gas to CANADIAN people and continue to make the USA our #1 customer. How many Yanks even know that Canada is their #1 supplier of oil?