I dont get why people always hope saudi will cut production, they keep on saying it is the high cost guys that need to take their turn.
The idea of oilsands is insane if you think about it.... if a company doesnt have a refinery complex for the stuff they are pumping the most expensive 'oil'/tar on the planet which is some of the lowest grade oil out there and diluting it with perfectly good light oil to sell for the cheapest price.
There are companies that were rail car loading bitumin and/or trucking it at one point, they are bankrupt now but the insanity did happen.
I feel for the people losing their jobs but some of the stuff companies were doing is mind boggling.
Look at suncor.... they are still building fort hills, a project that needed something like 85-125$ per barrel to turn a return. Mind you it will pay in the long run but the oil glut problem doesnt get helped by everyone trying to produce more oil.
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