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Tim Mullaney reports at CNBC that as Congress rushes to approve the long-delayed Keystone XL pipeline, it is questionable whether or not the controversial pipeline will make as much of a difference as proponents expect. The so-called "heavy oil" extracted from sand in Alberta, which the proposed pipeline would carry to Nebraska, en route to refineries on the Gulf Coast, will cost between $85 and $110 to produce[PDF] , depending on which drilling technology is used, according to a report in July by the Canadian Energy Research Institute, a nonprofit whose work is often cited by Keystone proponents. But crude oil futures now hover near four-year lows as sustained concerns over a glut in world markets continued to weigh heavily on prices and oil ministers from Saudi Arabia and Kuwait resisted calls to lower production to prevent further price declines. CERI' s analysis squares with the views of other experts, who have pointed to low prices as a sign that economic facts, at least for now, don't match political rhetoric coming from Washington, where Keystone has been a goal for both Republicans and for Senate Democrats from oil-producing states. "Anything not under construction [is] at risk of being delayed or canceled altogether," says Dinara Millington.
The situation is broadly similar to that faced by an earlier proposal to build a natural-gas pipeline from Alaska to the Midwest says energy economist Chris Lafakis. After being approved by then-Alaska Gov. Sarah Palin in 2007, the pipeline was never built, because newly discovered supplies of gas in the Lower 48 states pushed gas prices down by about two-thirds. "If oil were to stay as cheap as it is right now," says Lafakis, "you might very well get that Palin pipeline scenario."
(Score: 1) by RedGreen on Sunday November 16 2014, @12:25AM
You do not drill it is mined open pit style it is at the surface, hundreds of square kilometres of it. If you think for one minute that the price of oil is going to stay this low well I got bridge in Brooklyn going dirt cheap as well, PM for pricing.
"I modded down, down, down, and the flames went higher." -- Sven Olsen
(Score: 2, Interesting) by j-stroy on Sunday November 16 2014, @12:45AM
Aside from the massive groundwater pollution from the massive pits ( think strip mining more than open pit) then the tar sand is heated by fracking produced LNG and the petroleum extracted in a process that is both wasteful of energy & requires even more water which is thereafter contaminated. It's the dirtiest of fuels and causes pollution of the air and water just to produce, before it is even transported or used.
(Score: 2) by GungnirSniper on Sunday November 16 2014, @03:09AM
If that is the case, then why doesn't the environmentalist Left provide some alternate solutions? Wind and solar aren't ready to take the spot of oil, so what are our options? Putting on a sweater isn't the answer. Maybe new, fail-safe nuclear plants are it?
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(Score: 0) by Anonymous Coward on Sunday November 16 2014, @04:54AM
> If that is the case, then why doesn't the environmentalist Left provide some alternate solutions?
Lol. You sure think you are brilliant.
(Score: 0) by Anonymous Coward on Sunday November 16 2014, @11:17AM
As a general rule, "Have you got a better idea?" is rarely a compelling argument. Any idea worth its salt doesn't need that illogical retort to support it.
(Score: 0) by Anonymous Coward on Sunday November 16 2014, @11:32PM
So in simple terms - No you don't have a better idea and you are just whining on principal.
(Score: 0) by Anonymous Coward on Wednesday November 19 2014, @08:09AM
In even simpler terms, one doesn't have to have a better idea in order to point out that a particular idea is crap.
(Score: 0) by Anonymous Coward on Sunday November 16 2014, @11:39AM
or that whole dirty thing might be a problem.