Canada – The Next Saudi Arabia?
From The Toronto Sun:
Researchers in Texas say they have found a way of cutting the cost of producing gasoline by two thirds, taking advantage of the lowest grade of coal available – one that is abundant beneath the Canadian prairies.
A new refining process being perfected at the University of Texas at Arlington can turn the low-cost lignite coal, also known as brown coal, into oil at a fraction of the cost of importing crude oil from abroad.
“We’re improving the cost every day,” Rick Billo, the school’s dean of engineering, told a local television station.
“We started off some time ago at an uneconomical $17,000 a barrel. Today, we’re at a cost of $28.84 a barrel.”
But I wouldn’t worry too much for the Arab States – They can take Canada’s role over as a fair exchange. For instance, I fully expect the UAE to host the 2018 Olympics right here.
Hey, it could happen… Right?