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Tar sands -- the new toxic investment http://apocadocs.com/s.pl?1221698373
Shell and BP have been warned by investors that their involvement in unconventional energy production such as Canada's oil sands could turn out to be the industry's equivalent of the sub-prime lending that poisoned the banking sector and triggered the current financial crisis.... The Canadian tar sands are estimated to contain as much as 180bn barrels of oil but the environmental groups warn that extracting bitumen and upgrading it to synthetic crude oil is three to five times more greenhouse gas intensive than conventional oil extraction.
Upgrading a single barrel of tar sand bitumen for use in a conventional refinery also requires 14 cubic metres of natural gas, leading to huge demand for gas and supply infrastructure in remote regions of Canada. Enormous amounts of water are also needed in the process.
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