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Monday, November 18, 2013

Carl Pope: Breaking Oil's Monopoly: Easier Done than Said

Carl Pope: Breaking Oil's Monopoly: Easier Done than Said: "Global oil demand is 90 mbd. Of that, 80 mbd is cheap -- $30 or less - conventional oil, mostly from OPEC. About 5 mbd is moderately priced unconventional oil - shallow off-shore, light-tight US oil like the Bakken, or secondary recovery from depleted fields. This unconventional oil costs between $30-$60/bbl.

The final 5 mbd of demand breaks the bank. To supply it, the oil industry taps extreme oil fields in the remote Arctic, the ultra-deep ocean, or heavy tar sands in Canada"

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