Middle Eastern countries can do it cheaper than us. Our easy oil is gone.
Lifting Costs Finding Costs Total Upstream Costs
United States – Average $12.18 $21.58 $33.76
On-shore $12.73 $18.68 $31.38
Off-shore $10.09 $41.51 $51.60
All Other Countries – Average $9.95 $15.13 $25.08
Canada $12.69 $12.07 $24.76
Africa $10.31 $35.01 $45.32
Middle East $9.89 $6.99 $16.88
Central & South America $6.21 $20.43 $26.64
http://www.eia.gov/tools/faqs/faq.cfm?id=367&t=6
"Canadian oil sands — slated to be a top consumer of the pipeline — will need oil prices to stay between $65 and $75 a barrel to make production there economically feasible."
http://www.usatoday.com/story/money/...ject/18994601/
Threaded Mode