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Economics - The Facts on Oil Funds (Essay Sample)


The Facts on Oil Funds


The Facts on Oil Funds
The Facts on Oil Funds
The world relies on energy sources that pose little risk to the environment. For a long time, there has been reliance on coal, natural gas and oil. The traditional reliance on these energy sources has shifted to the use of renewable energy sources and more cleanly sources of energy such as hydro and nuclear. In as much as there is need to reduce the use of energy sources that present challenges of environmental degradation and green house gases to the atmosphere, it has not been possible to completely outface the traditional energy sources. All forms of energy production keep increasing to meet the growing demand for energy. Presently, Canada is among the few countries in the world with unique position to provide sufficient, safe and secure energy for both its citizens and the rest of the continent. This task looks at the oil sands of Canada as possible savior to the increasing energy demand and its sustainability in the face of incessantly increasing environmental concerns.
There are 173 billion barrels of oil in Canada that can be recovered economically using today’s advanced technology. Of the 173 billion barrels, 168 barrels are placed on the oil sands. The most important facet in ensuring the available oil becomes useful to the society is using the right technology. The right technology and innovation is imperative to developing the oil sands in addition to improving environmental performance. The world over, a majority of world oil reserves are under the ownership and control of national governments. Just 19% of the world oil sand reserves are accessible to the private sector to invest in. 56% of these oil sands available for the private sector to control and invest in are in Canada. This makes the country the third largest oil reservoir in the world with the best chances of proper management and mining.
Researches reveal that energy demand for the whole world will increase by 35% by the year 2035. The escalation in energy demand is expected to hit an all time high as there is an improvement in the living standards of global population. Additionally, there is economic growth in both developed economies and developing countries. All sources of energy that are developed responsibly will be needed for meeting economic growth in the global demand. Currently, there is a decrease in the supply of conventional oil supply. This makes the supply of unconventional oil sources such as oil sands important for sustainable energy provision.
Oil sands refer to a mixture of water, sand, clay and bitumen. In Canada, oil sands are found in a number of deposits. These sites include Peace River, Athabasca and Cold Lake Deposits in Alberta in addition to Saskatchewan. In areas around Fort McMurray, the oil sands are nearest to the surface of the earth than other deposits. In the oil sand deposits, bitumen is often found deep underground. However, some form of the substance that is usually thick and too heavy to flow or pump without prior dilu...
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