RE:RE:Saudi Agendafrankie1122 wrote: No bottom in sight. Looks like we will be in single digits by the end of the week. I wonder if it will go back to $ 6.00 ? I bought some earlier in the year in the $ 6.00 range, and sold for a nice little profit. Stuck with 1,000 shares at $ 15 however ! Good luck, this stock is being played like a fiddle.
I doubt we will see any new oil sands development in our life time as large scale oil sands plants just can't compete with shale oil. The shale oil basins in North America alone offer over a hundred years of drilling locations, and wells are on production after 6 weeks and a few million dollars instead of spending $15 billion over 6 years before seeing any production.
As costs continue to drop for horizontal drilling and fracing, I expect existing oil sands plants will become very challenged to make money, or face the prospect of decommissioning.
Regarding the new communist gov't in Alberta, they are late to the game, as any additional royalties and carbon taxes will kill the plants, choking the gov't of what little revenue they can get now. E & P's in Alberta have moved their budgets to shale basins in other jurisdictions (USA, BC, Saskatchewan etc), so Alberta gov't royalty revenue will continue to drop out of site for the new communist regime.
Welcome to the second century of the hydrocarbon era:-)