With New Technology Being Developed, Canada Could Soon Move to No. 1 in World Oil Reserves
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Here's one more reason why Duke economist Mike Munger was correct when he wrote several years ago that "of all the idiotic things that people believe, the whole 'peak oil' thing has to be right up there." Thanks to new, advanced oil recovery technologies currently being developed that would unlock Canada's vast oil sands deposits, our northern neighbor could soon surpass Venezuela and Saudi Arabia to become No. 1 in the world for oil reserves. From a July 24 article in the WSJ:
"Ten years ago, new oil field technologies unlocked vast crude supplies from western Canada's oil-sands deposits, propelling America's northern neighbor to the top echelon of the world's petroleum repositories.
Now oil companies here are experimenting with technologies that could unlock even more reserves from what is some of the world's heaviest and stickiest petroleum. The new technologies could also drive down the cost of producing oil in Canada.
One consortium aims to get oil flowing to the surface by sending radio waves from huge antennae pushed through wells deep underground—adopting technology first developed for the U.S. government to eavesdrop on underground bunkers.