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The economics of oil definitions: the case of Canada's oil sands

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  • Douglas B. Reynolds

Abstract

Canada has chosen to define its 174 billion barrels of oil sand bitumen reserves as crude oil deposits, putting the country on a par with Saudi Arabia in potential oil production. However, the physical and economic definition of calling oil sand bitumen crude oil needs to be questioned. On the face of it, these definitions make Canada look as powerful as OPEC's leading producer, or Russia, on the world oil market. However, a fuller analysis shows that Canadian oil sand is quite different from crude oil and that Canada will have little if any effect on the global oil market, or on OPEC.

Suggested Citation

  • Douglas B. Reynolds, 2005. "The economics of oil definitions: the case of Canada's oil sands," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 29(1), pages 51-73, March.
    • Handle: RePEc:bla:opecrv:v:29:y:2005:i:1:p:51-73
    DOI: 10.1111/j.0277-0180.2005.00143.x
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    References listed on IDEAS

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    1. Solow, Robert M, 1974. "The Economics of Resources or the Resources of Economics," American Economic Review, American Economic Association, vol. 64(2), pages 1-14, May.
    2. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39(2), pages 137-137.
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    Cited by:

    1. Andre Plourde, 2009. "Oil Sands Royalties and Taxes in Alberta: An Assessment of Key Developments since the mid-1990s," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 111-140.
    2. Mr. Tamim Bayoumi & Mr. Martin Mühleisen, 2006. "Energy, the Exchange Rate, and the Economy: Macroeconomic Benefits of Canada’s Oil Sands Production," IMF Working Papers 2006/070, International Monetary Fund.

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