About this Episode

Years ago, while researching the book Ethical Oil: The Case for Canada’s Oil Sands, Ezra spent time learning the basics of the oil industry. One of the first things you discover is the difference between resources and reserves.

A reserve is oil that has been proven to exist and can be produced economically with today’s prices, technology, and regulations. A resource, by contrast, is oil we know is there but can’t yet produce profitably.

Alberta’s oilsands hold about 170 billion barrels of proven reserves, an astonishing figure. But the actual oil in the ground is far greater: roughly two trillion barrels of resources waiting for technology or market conditions to make them viable.

So Canada isn’t short on oil. Not even close. What we are short on is political will.

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