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Tar sands production set to double in less than five years

The Financial Post reports that, “Output from Canada’s oil sands will double and profits in the oil business will triple by 2013 as rising crude prices kick-start megaprojects delayed by the economic downturn, the Conference Board of Canada said Wednesday.”

“…The resumption of delayed oil sands projects and production increases at existing oil sands facilities will boost output from non-conventional sources from today’s 1.22 million barrels a day to 2.4 million barrels a day by 2013, (board economist Todd) Crawford forecasts.”

“The Obama administration’s apparent distaste for Alberta’s environmentally challenged oilsands has cast a cloud over the sector’s future. But PetroChina’s $1.9-billion investment this week in a private oil sands player showed the world is still ready to beat a path to the country with the world’s second largest oil reserves outside of Saudi Arabia.”

“The board expects a total of 10 to 12 new projects or project expansions to go ahead by 2013, down from its early forecast of 15 to 20 projects.”

The full article is at http://www.canada.com/business/Conference+Board+confident+sands+outlook/1954758/story.html.

You can read Council of Canadians campaign analysis on the tar sands at http://canadians.org/energy/issues/tarsands/index.html.