[news] Dollar Sinks Below Loonie on Tar Sands Production

[Mostly Water - "Canadian" and International alternative news feed]

The rise in value of the Canadian dollar "is an energy story," said Busch. With crude oil futures trading at more than $83 U.S., investment capital is pouring north to help extract oil from so-called tar sands, also known as oil sands, in the province of Alberta.

"The average cost to produce a barrel from tar sands is $40 to $45," Busch said. The current world oil price "puts oil development from tar sands on steroids."

Regardless of currency exchange rates, investing in Alberta is a bullish trend, boosting demand for the loonie.

  


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    [1]: http://mostlywater.org/dollar_sinks_below_loonie

URL: http://mostlywater.org/dollar_sinks_below_loonie