All posts tagged 'pipelines'
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Posted @ 3/22/2012 1:43 PM By Graham Hicks
One way or another, our bitumen (heavy oil) will get to China. There's a myth building up that the proposed but seriously opposed Northern Gateway pipeline is the only option to get oil from the oil sands to Asia.Not true. It's the most practical and likely the cheapest option, heading straight as an arrow from Edmonton through the northern B.C. interior to the port town of Kitimat.Here's the deal.We now produce 2.9 million barrels of oil a day (MBD) in Western Canada, about 60% of that from the oil sands.We can't come close to using that much - 2.1 million barrels are exported, fairly easily at the moment through existing pipelines, 99% of it heading to the Excited States.The source of our wealth? Do the math! At $100 a barrel, that's $210 million a day — or about $75 billion a year.By 2020, only eight years, we'll be up to 3.5 million barrels a day. Of that, 80% will be from the oil sands.The pipelines will get crowded. The last thing we want, as the principal beneficiaries of this thick black gooey stuff, ...