Oil reserves in sand and shale are much more expensive to develop and therefore will drive the cost up. The Athabaska Oil sands in Alberta needs oil prices around $70 per barrel just to break even and that oil is relatively easy to develop compared to some areas of oil sand and oil shale. When oil dipped below that last year things came to a grinding halt there.No, we will not run out of oil in 20 years but what is left will be expensive to develop and that will drive the costs up more than just inflation costs.
BTW I wish you guys would stop complaining about gas prices. I just filled up today at $4.63 a gallon. Translating that into US dollars and accounting for the smaller US gallon that works out to about $3.51 US for a US gallon and that's GOOD compared to what it has been.We won't even talk about the prices in Europe.
BTW I wish you guys would stop complaining about gas prices. I just filled up today at $4.63 a gallon. Translating that into US dollars and accounting for the smaller US gallon that works out to about $3.51 US for a US gallon and that's GOOD compared to what it has been.We won't even talk about the prices in Europe.