TOP 5 COUNTRIES WITH WORLDS LARGEST OIL RESERVES

[Hell FirE]

Number 1 I knew.

Number 2, Im SO PISSED. Can someone tell me why we pay so much for the damn gas in our beloved country of Canada? Why is it so expensive if we are the second largest with the world largest oil reserves?

proven reserves of oil (bbl)

1. Saudi Arabia 266,800,000,000

2. Canada 178,600,000,000


3. Iran 138,400,000,000


4. Iraq 115,000,000,000

5. Kuwait 104,000,000,000

 

[Cycleguy007]

2 reasons right off the top of my head... well 3 actually:

1. Oil is a commodity based pricing industry... meaning it is the same the world over regardless of its origin.
2. Taxes. Need I say more? :grrrrrr:
3. Oil companies profit margins...

Having said this, this is one of the big reasons why Canada's economy hasn't been hit as hard as other countries. Canada is rich with resources that other countries want.

 

[Hangman]

Global economy, man. If we sold oil cheap at home and higher abroad, all the other countries that make stuff we need would screw us over.

 

[Hilfiger]

Did you ever realized which oil companies uses Canadian oil reserves? Guess!!

 

[oyster shucker]

Venezuela should be right up there now. they just discovered huge reserves off it's coast.

 

[RAWD]

What about extraction costs? I believe our oil is harder to get to and therefore less economical.

 

[Tyrell]

What about extraction costs? I believe our oil is harder to get to and therefore less economical.

You could be right, RAWD. I heard something similar the other day.

 

[Hell FirE]

6. United Arab Emirates 97,800,003,584


7. Venezuela 87,040,000,000


8. Russia 79,000,002,560

9. Libya 41,459,998,720

10. Nigeria 36,219,998,208

 

[Hell FirE]

FYI

FYI

Top Ten Oil Importing Countries

• United States (11.8 million barrels per day)
• Japan (5.3)
• China (2.9)
• Germany (2.5)
• South Korea (2.1)
• France (2.0)
• Italy (1.7)
• Spain (1.6)
• India (1.5)
• Taiwan (1.0)

Top Ten Oil Exporting Countries

• Saudi Arabia (8.73 million barrels per day)
• Russia (6.67)
• Norway (2.91)
• Iran (2.55)
• Venezuela (2.36)
• United Arab Emirates (2.33)
• Kuwait (2.20)
• Nigeria (2.19)
• Mexico (1.80)
• Algeria (1.68)

Greatest Oil Reserves by Country (2005)

• Saudi Arabia (262 billion barrels)
• Canada (179)
• Iran (126)
• Iraq (115)
• Kuwait (102)
• United Arab Emirates (98)
• Venezuela (77)
• Russia (60)
• Libya (39)
• Nigeria (35)

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https://www.suite101.com/content/top-ten-oil-countries-a2088#ixzz16KS9FmB2​

 

[Blackrock13]

Number 1 I knew.

Number 2, Im SO PISSED. Can someone tell me why we pay so much for the damn gas in our beloved country of Canada? Why is it so expensive if we are the second largest with the world largest oil reserves?

proven reserves of oil (bbl)

1. Saudi Arabia 266,800,000,000

2. Canada 178,600,000,000


3. Iran 138,400,000,000


4. Iraq 115,000,000,000

5. Kuwait 104,000,000,000

Look at a map someday and see where the pipe lines are going and see who owns the companies moving the oil; the US. It not really ours.

 

[skidoo64]

2 reasons right off the top of my head... well 3 actually:

1. Oil is a commodity based pricing industry... meaning it is the same the world over regardless of its origin.
2. Taxes. Need I say more? :grrrrrr:
3. Oil companies profit margins...

Having said this, this is one of the big reasons why Canada's economy hasn't been hit as hard as other countries. Canada is rich with resources that other countries want.

Single biggest reason we pay so much for gas is taxes, I filled up once this summer Ultramar I think and they actually totalled all the taxes seperately. WOW!

Second reason. We have 2...count them 2 refineries in Ontario. 0 competition! Only problem with this is....good luck building another one!

So buy an electric one. Oh wait, we live in Ontario, bad idea.

 

[Hangman]

What about extraction costs? I believe our oil is harder to get to and therefore less economical.

Well, yeah - it's the Oil Sands.