SOURCE: Industrial Info Resources

October 26, 2007 09:01 ET

Approximately $120 Billion in Planned Construction Spending Scheduled in Canada's Oil Sands Patch Won't Ease Pain of $90 Crude Oil, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - October 26, 2007) - Researched by Industrial Info Resources (Sugar Land, Texas) -- The development of Canada's oil sands is now the center of international attention. The high price of crude oil and security concerns regarding the current net crude oil producers are continuing to be a driving force in bringing this resource to market. Alberta's economically recoverable oil sands reserves currently stand at 178 billion barrels and are second only to Saudi Arabia. Some estimates put the total recoverable resource above 300 billion barrels. High prices could be the norm for several years due to the tightening global supply and demand balance. The economic expansion of China has been a driving force of higher prices, and if India continues on its expansion course, high crude oil prices could continue well beyond the historic cyclical prices.

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