Oil Sands Stand to Gain from Deepwater Horizon Disaster |Triple Pundit
No one is celebrating the Deepwater Horizon disaster unfolding in the Gulf of Mexico. But once the oil settles, so to speak, one big beneficiary could be the Canadian oil sands industry.
The province of Alberta contains petroleum reserves second only to Saudi Arabia: 173 billion barrels oil in the form of a thick, sticky substance known as bitumen, aka oil or tar sands. This nearby, safe, secure and increasingly cost-competitive source of energy has just one big problem: it is far more polluting to extract than conventional sources.
But now the Gulf oil spill may make the environmental costs associated with bitumen look relatively manageable in comparison.
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