Word: saudi
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...Athabasca Regional Issues Working Group, an industry association. Production in Alberta's oil sands will more than quadruple, to about 5 million bbl. daily, by 2015; Canada currently exports an average of 1.9 million bbl. daily (from all sources) to the U.S., more than any country, including Saudi Arabia. That's about 20% of total U.S. imports. "Canada has emerged as an energy superpower," says economist Peter Tertzakian of Calgary-based ARC Financial Corp., an energy-investment firm with a nearly $1.9 billion asset portfolio. He adds that going forward, 10% to 15% of the world's incremental oil production...
...Syncrude from 350,000 bbl. per day to 500,000 bbl. may have been too important for Exxon's future to leave to anyone but the A-team from Texas. "My job is to build a strong operational foundation," says Katinas, whose previous assignments have taken him to Saudi Arabia, Singapore and the U.K. In addition to Syncrude and Imperial, the biggest operators in the oil sands are Suncor Energy Inc., a Canadian-owned company, and Albian Sands Energy Inc., a joint venture of Shell, Chevron Corp. and Marathon Oil Corp. This tight clutch of companies accounts...
Worried about the high cost of filling up? President Bush is on the case. Last Friday he arrived in Riyadh to urge King Abdullah, the leader of the world's largest petroleum producer, Saudi Arabia, to put more oil on the market...
That was the sum result, anyway, of Bush's efforts to ease your gas bills on his visit to Saudi Arabia. In fact, Bush didn't do much better on the rest of his five-day trip to the region. Oil prices aren't the only issue America faces in the Middle East; they may not even be the most important. The Iranian regime is busy gaining the ability to build a nuclear weapon. Bush made no progress convincing allies to pressure it to change course. Iran is also arming and training anti-Israeli forces in Gaza and Lebanon. Instead...
Bush's trip offered a sobering answer. After the President's meetings with the Saudis, his National Security Advisor, Steve Hadley, came to the "villa" where the traveling press corps was working and made a prolonged effort to explain why, even if the Saudis did boost oil production, it wouldn't reduce the cost of gas in the U.S. "The bottom line is," said Hadley, "the problem of high gas prices is more than just about oil, it's more than just about Saudi, and it's more than just about short-term production." All of which is true. Unsaid...