The most important factor is how valuable that resource is to the local population. I would say with our vast dependence on vehicles, massive size and cold winters our exportable oil is much less than what other countries are capable of. The best resource is something you don't need, but they do.
The most important factor is how valuable that resource is to the local population. I would say with our vast dependence on vehicles, massive size and cold winters our exportable oil is much less than what other countries are capable of. The best resource is something you don't need, but they do.
Not quite. It's not like we can heat our houses or fill up our cars with crude oil. We can't get the stuff out of the province fast enough.
How sure are we that this is it? Is it possible that there are still huge reserves that are unknown? I have no idea how much is actually explored.
These things are specifically defined. The word "reserves" in the industry implies that the oil is discovered and economically recoverable. If you looked at the oilsands, for an example, you would find that the actual oil in place is several times larger than the reserves assigned to that resource. The reason is that even though we know the oil is there, we do not have the means to commercially recover it. Every single oil deposit on earth is subject to such evaluation.
As you can probably guess, many, many assumptions and liberties can be taken with any of these evaluations and definitions, meaning you can have different parties claiming different things.
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Silly Australians, They Think They Have More Oil Then Us...
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