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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 12, 1974, Lethbridge, Alberta Thursday, Dtctmbtr 12, 1974 THE LETHBRIDGE HERALD 35 Only 'the tip of the iceberg' Money not main oil sands problem TORONTO (CP) Current investment difficulties in developing the Athabaska oil sands are only "the tip of the C. William Daniel, president of Shell Canada Ltd., said here. He told the Canadian Infor- mation Processing Society, a group of computer professionals, that United States companies are starting to divert their development efforts to other areas because of diminishing hopes they will ever be able to obtain oil ex- ports from Canada. Rising costs, the federal provincial battle over taxing and royalties and a fixed oil price policy also were dis- couraging Canadian oil in- dustry plans. Industry had stopped risking its capital because of these uncertain- ties "We are looking at a year or more before the tug of war ONLYS2 EACH Give... This Book! COME HELL OR HIGH WATER by Owen G. Holmes 1 between the two levels of government is resolved. Both parties are at fault. Canadians have been put in a very critical position." Mr. Daniel said chances are slim of developing five billion barrels of the estimated 250 billion barrels in the oil sands. Costs would be so high, technology so expensive and lead times so long that solar and nuclear energy would be available by then. He said it will cost a barrel to develop Athabaska oil, making it the most expen- sive oil in the world. By com- parison, North Sea oil development would be about a barrel. Mr. Daniel said that if an oil field the size of Prudhoe Bay in Alaska is discovered off the east coast of Canada, it would probably end more expensive oil sands development. He said Canadians are pay- ing the lowest oil and natural gas prices in the world. This was encouraging wasteful use. "We have been living on an energy binge as we have for the last 25 years or so. The rest of the world is beginning to tighten down. We are not." Ore-milling pact signed CALGARY (CP) Alberta Gypsum Ltd. of Calgary says it has signed an ore-milling contract with Plateau Construction Ltd. of Kamloops, B.C. A company spokesman said Plateau is stockpiling tons of gypsum at a mill site near Lumby, and additional ore supplies will come from Trout Lake. Published by The Lethbndge Herald the book is an account ol the g conception of the University of Lethbndge Canada's Centennial (S University (borr. January 1 1967) It is a must for every Southern Al-g bertan's library and is now once again available in a very limited g quantity Please order early to avoid disappointment1 K Use this convenient order form! The Lethbrldge Herald P.O. Box 670, Lethbridge I JPlease Mail copies of the book I Hell or High Water" to: Name f I Address ..................................j 11 Enclosed please find cheque or money order in thel f (amount o ;