A little quiz for you politics guys

Arnfinn Madsen · #1 08-13-2005, 08:46 PM

Saudi Arabia has the world's largest known oil resources.

Without cheating, try to guess who is second. I was at least very surprised to hear.

mmbt0ne · #2 08-13-2005, 08:48 PM

Russia? Or maybe Nigeria. But I'll say Russia.

Arnfinn Madsen · #3 08-13-2005, 08:49 PM

Both wrong.

Ipodkid · #4 08-13-2005, 08:49 PM

alaska

Arnfinn Madsen · #5 08-13-2005, 08:50 PM

Wrong, it is not whole US either.

EDIT: You are close though [img]/images/graemlins/smile.gif[/img]

New001 · #6 08-13-2005, 08:51 PM

I believe it's Canada.

Arnfinn Madsen · #7 08-13-2005, 08:52 PM

Yes, Canada. Who would have thought?

New001 · #8 08-13-2005, 08:53 PM

I'm pretty sure it was mentioned in one of the forum posts over the last couple days. It wouldn't have been my first guess otherwise, but I'm really not surprised.

Arnfinn Madsen · #9 08-13-2005, 08:57 PM

There is a catch though, most of the oil is in sand and this sand has to be filtrated, so it is very expensive to pump up compared to other oil resources and is thus not considered available in short-/midterm.

adios · #10 08-13-2005, 09:12 PM

[ QUOTE ]
There is a catch though, most of the oil is in sand and this sand has to be filtrated, so it is very expensive to pump up compared to other oil resources and is thus not considered available in short-/midterm.

[/ QUOTE ]

It's available and being extracted. Investment money is finding it's way to extract more. It's expensive yes but companies can make money on selling it so they are.

Investment $ are considered risky as alot of oil companies are scared that the Saudi's will add capacity and ramp up production and make the extraction of the oil unprofitable.

As an aside, a decent article in yesterdays WSJ about how lack of spare refining capacity in the U.S. is driving up the price of oil even though inventories of crude are the rise in the U.S. but the refined product inventories are down.