beachwarmer
<font color=deeppink>Thanks very much for the extr
- Joined
- May 12, 2000
I just wanted to comment on Pete's fears about the Canadian dollar being at par with the U.S. dollar. It really is more a combination of our resources and thus strong economy, coupled with the problems with the U.S. economy and mortgage problems. In 2002 the Canadian dollar was worth 0.62 against the U.S. dollar. It sure puts the importance of oil into perspective.
The Canadian dollar reaching parity with the U.S. dollar was much talked about here in Canada in the past week. It has both positive and a lot of negative repercussions.
One of the major reasons the dollar is currently so strong is due to the oil reserves in western Canada. This is of course not the only reason but does contribute greatly.
Here are some facts:
Canada's Oil Reserves 2nd Only To Saudi Arabia
The U.S. government said Thursday Canada holds the world's second-l largest oil reserves, taking into account Alberta oil sands previously considered too expensive to develop.
The Energy Information Administration, the statistical wing of the U.S. Department of Energy, has included recent private sector estimates that an additional 175 billion barrels of oil could be recovered from resources known to exist in Western Canada since the 19th Century.
The latest estimates put Canada ahead of war-torn Iraq, which the EIA estimates holds 112.5 billion bbls and is constrained from raising production for entirely different reasons. The U.S. agency estimates Saudi Arabia's recoverable oil reserves at 264 billion bbls.
The EIA projects Canadian oil sands could produce 2.2 million barrels a day by 2025 compared with the current level of about 700,000 b/d, which already represents more than a fourth of total Canadian output of 3.1 million b/d.
Here is a reference document for further info. www.eia.doe.gov/oiaf/ieo/index.html
The Canadian dollar reaching parity with the U.S. dollar was much talked about here in Canada in the past week. It has both positive and a lot of negative repercussions.
One of the major reasons the dollar is currently so strong is due to the oil reserves in western Canada. This is of course not the only reason but does contribute greatly.
Here are some facts:
Canada's Oil Reserves 2nd Only To Saudi Arabia
The U.S. government said Thursday Canada holds the world's second-l largest oil reserves, taking into account Alberta oil sands previously considered too expensive to develop.
The Energy Information Administration, the statistical wing of the U.S. Department of Energy, has included recent private sector estimates that an additional 175 billion barrels of oil could be recovered from resources known to exist in Western Canada since the 19th Century.
The latest estimates put Canada ahead of war-torn Iraq, which the EIA estimates holds 112.5 billion bbls and is constrained from raising production for entirely different reasons. The U.S. agency estimates Saudi Arabia's recoverable oil reserves at 264 billion bbls.
The EIA projects Canadian oil sands could produce 2.2 million barrels a day by 2025 compared with the current level of about 700,000 b/d, which already represents more than a fourth of total Canadian output of 3.1 million b/d.
Here is a reference document for further info. www.eia.doe.gov/oiaf/ieo/index.html
I took out all the sarcastic comments before I posted. I love visiting your wonderful country (especailly in the winter months) and did not want to offend anyone. I will add them now so maybe Julie will stay awake with some help from this
I worked as a customs officer in Univesity and half the fun was checking to see if we could catch people "wearing" their new purchases home. Seizing the new underwear they were wearing was really fun.
We have two trips planned to Disney in the next 6 months and we are going to be DVC owners in April. Hail the all mighty Canadian dollar and Alberta oil! 
