Canadian Tar Pit oil is proving to be a sticky mire drowning investors of public and private funds.
Canada bet the farm on the world’s largest tarriest industrial project
In spite of limitless Canadian conservative boosterism and the legendary Canadian system of perverse corporate law that has made Canada what it’s own national media calls the white-collar crime capital of the world; the black stickiness of the tar pits of Alberta is finally taking its toll of wolly mammoth corporations and governments who have invested there. Not even the gaming banksters of the oil world can save those prehistoric wolly memes and monies. The jig is up. Canada’s exposure, (its tax breaks alone provide billions each year to tar sands operators), to the fossil fuel age economic collapse now underway far exceeds that of third world oil nations like Venezuela and Nigeria. Industry leaders now predict tarred revenues will plunge by $23 billion (USD) and be deeply mired in the red this year and next. Here in the nation home of the world’s largest industrial project and the “biggest gamble in history” it’s all over but for the screams and scavengers feasting on the remains of tar pit mammoths.
As global fossil fuel reserves race to the bottom with spring clearance sales trying to cash out as much as possible before they become stranded assets the first of those assets to be stranded, indeed sunk into it’s own tar pits is Canadian tar sands oil. It’s the most expensvive fossil fuel on the planet with true break even costs when one factors in government investment and subsidies at far more than the world price of North American oil, the light sweet cheap stuff, at under $50 per barrel. Many experts are predicting a fall to $10 per barrel oil, Bloomberg . Industry moles inside Canadian governments are scurrying for cover and trying to fill in the burrows they have dug into public coffers over the past many years before the truth of just how much public money has been surreptitiously carried into Canadian tar pits.
Boundless boosterism has resulted in untold billions of public funds being poured into the Alberta oil patch which have been developed via legendary excess in the cost of anything and everything in the patch. It’s been a long-standing Canadian myth, head to the north of Alberta as a common labourer and earn more money than a college professor in Toronto. Average household incomes in the tar pit neighbourhood is just shy of $200,000 per year. And from that bottom rung of the ladder of excess there was nowhere else to go but up to tap into even more of the limitless public money being spent there. In recent years the carpet of money growing over the surface of the tar pits was so lush that anyone starting even a small business there was certain to become a millionaire almost overnight. It’s been a wild gold rush boom of a character that not even Hollywood would have dared to create.
But today the world is on the brink of a long predicted collapse of fossil fuel energy. No more heavily spun stories of “peak oil” and shortages can be foisted upon by the paying public by the oil mammoths to sustain record high prices and limitless derivative trading games. The USA has suddenly and to everyone’s surprise become the largest producer of oil in the world far exceeding the Saudi’s and it’s barely scratched (fracked) the surface of its readily accessible reserves. Inexplicably (or perhaps not a mystery) the yanks and sheiks are getting as much oil out of the ground as fast as they can.
There is some spun resistance but all the fracking fears combined are not proving to be the intended scare as the public notices that the area of the planet deep under ground influenced by fracking doesn’t begin to match the scale of the super-fracked and excavated toxic tar pits of Canada. The 50% new production of fracked oil in the USA is sweet and light and needs minimum refining to become high-priced fuels. Along with the new oil in the USA accompanying natural gas reserves are so enormous that most isn’t even being put into inventories as if it were the markets could not bear the supply glut.
And the story regarding new tech oil and gas such as that made possible by deep under ground fracking technologies is global story. All over the world massive reserves of gas and oil have been discovered and proved to accessible in locations in close proximity to ocean ports or national industry. The bizarre Canadian notion that the world will pay a premium for its remote oil and gas that costs multiples of that nearer to tide-water and industry is proving to be so much red flag waving flim flam.
Obama’s recent veto of the XL pipeline while being spun to the public in Canada as the result of some sort of environmental conspiracy is just the sort of nonsense Canadian’s eagerly lap up when spoon fed by their government-owned puppet media. In fact any new pipeline capacity in the USA that might connect the vast oil fields of the Dakota’s to US refineries and ports (as in the XL pipeline) already has a long line of ‘made in the USA’ light sweet oil sellers waiting for their turn build to send premium product to market. There was/is simply no way Obama or any American politician with half a brain would possible usurp ‘made in America’ sweet oil for Canadian tar.
Energy Game Wild Card Dealt
The wild card that is complicating understanding of global energy supplies, especially oil and gas supplies, now dealt is seen to be the rapidly developing COLD FUSION and LENR technologies. Oil prices are experiencing the first effects of a nuclear torpedo. It’s now clear that since the 1989 announcement of cold fusion it has been the target of a near perfect smear campaign to keep the revolutionary energy source from competing with the oil cartels, their banksters, and political minions. But keeping such a remarkable scientific fact of Nature and its technological potential down could never last forever. It’s called “COLD fusion” because the reactions are observed to take place at temperatures ‘colder’ than that inside of the sun and stars the blazing million+ degree environment of “HOT fusion”. Cold fusion can still be plenty hot certainly hot enough to heat water for ones bath and more.
Today around the world small teams of engineers are building and demonstrating cold fusion energy six ways from sundown that yields energy from the fusion of hydrogen with NO dangerous or radioactive by-products. Cold fusion nuclear reactors capable of producing megawatts of power and replacing major power generation facilities are being hand-built by small teams of workers, 3-6 people, inside the space of a 20ft standard shipping container using components purchasable at any local hardware store. The hydrogen fuel comes from the hydrogen in H2O, that’s water. The energy produced is likely to be too cheap to meter, not that the price of the gadget will be free.
The world’s richest men, including Bill Gates, are being reported on as they make pilgrimages to cold fusion research groups.
Cold Fusion & LENR Now Open Source Technologies
A key element for those who have worked so effectively and dutifully for the past 25 years suppressing and smearing cold fusion, also known as LENR (low energy nuclear reactions), is that they have driven the technology into becoming effectively open source technology. Hundreds of patent applications containing tens of thousands of claimed inventions have been steadfastly rejected by the US and other nations patent processes. The scientists and inventors behind those discoveries have inevitably been unsupported and thus unable to keep secret their discoveries which having steadily leaked into the public domain make the field open source. Given the innate simplicity of the techniques and materials needed to produce cold fusion and the corrupt patent system forcing that know how into the open what big business always wants “technological intellectual property barriers to entry” by potential competitors has utterly evaporated.
As a fundamental characteristic of nature, requiring technology no more complicated than Edison’s simple light bulb, and without patent barriers cold fusion and lenr are poised to be rapidly developed and deployed as the peoples power, clean, green, inexpensive with an infinite supply of essentially free fuel.
To study up on new world of people’s power energy, environment, and ecology (geekology) of cold fusion this blog, atom-ecology, provides a great starting point….With the now certain rapid introduction of simple hand-built plug and play cold fusion energy technologies across the full spectrum of established energy systems the new economic reality is playing against oil as it becomes a stranded asset.
To read more about how COLD FUSION and LENR are poised to become weapons of mass economic disruption click here.