If some one were to tell you that people are generating oil (the petrol/gasoline) from the sand. Yes sand! I may not have believed it if I had not watched video on CNN. Yes, in Canada they are generating oil from the sands.
In Alberta Canada, there is this belt of soil that has oil in it. As if some one spilled oil on a bed of soil. Yes there is a refinery there that separates oil of out the sand and sells it.
When the oil reached $40 a barrel the oilsands became viable and now it’s a profitable option at $60 a barrel. The current capacity is 250K barrel per day and expected to go up to 3 million barrel per day in 2012.
Ofcourse, it’s drop in a bucket to world requirement but one more innovative (or may be not so innovative) source of energy(oil)
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The same guys are in discussion with the GOI to use the technique and produce Oil in India, provided the Govt. offers them a minimum support price .. trying to cover up risk in case oil prices fall down.
Won't it be great if this projects goes through ... energy security for india
not only is it profitable, but there's a pipeline from Canada to Oklahoma. It used to pump oil to canada, but now the flow has been reversed - some say permanently.
there's also an oil sands ETF, if you're interested in investing.
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