Oilsands focus of global energy attention

..While the world is not running out of energy, it is running out of the cheapest sources of energy, as conventional oil production is on the decline and new supplies are increasingly coming from deep offshore sources and the oilsands, Avery Shenfeld, managing director and senior economist with CIBC World Markets, added.

“By the time we get to the end of this decade, the oilsands will be the greatest contributor in terms of annual increases in production. And over the next decade, Alberta is expected to be the world’s leading source of additional supply of oil to meet the market’s needs.”

Given these factors, the economist is forecasting that oil prices will hover around the $70 US per barrel level in the coming few years, with the possibility of the price “touching the magic $100 mark” not out of the question.

Business Edge