Forget offshore oil drilling, shale rock baby
07-09-2008, 09:45 PM
#1
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Forget offshore oil drilling, shale rock baby
CNN - McMurray
McMoney... I mean McMurray is getting rich mining shale sand. Standard of living is even higher than the Silicon Valley.
If Canadians can get rich producing oil (others called that it will never make any money), our Mid-West states can be like them. Remember, there are more oil in the shale rocks than Saudi.
Imagine city average income of $110k... a 2 bedroom home cost $700k. Dang even burger flippers are making $17/hr.
There is a video on CNN's video archive too. In the video, the 22 years old mine worker said his teacher told him he will be a nobody working for the mines... he said he now makes 3x more than his teacher....
McMoney... I mean McMurray is getting rich mining shale sand. Standard of living is even higher than the Silicon Valley.
If Canadians can get rich producing oil (others called that it will never make any money), our Mid-West states can be like them. Remember, there are more oil in the shale rocks than Saudi.
Imagine city average income of $110k... a 2 bedroom home cost $700k. Dang even burger flippers are making $17/hr.
There is a video on CNN's video archive too. In the video, the 22 years old mine worker said his teacher told him he will be a nobody working for the mines... he said he now makes 3x more than his teacher....
07-10-2008, 04:03 AM
#2
Sure, but paying $700K for an 1100 sq ft house is pretty harsh. Just your mortgage alone would be $3800 a month (30 yr mortgage, 6% interest, 10% down, so only $630K financed). If you're single, you'll be paying an additional $31K in taxes.
So, you're paying $31K in taxes (single person), paying $3800 a month for your house ($45600 a year), and that leaves you with.....$33400 to live on ($2783 a month).
That's not bad, until you remember that if you're eating out, you're paying for $17/hr labour and very expensive groceries, high utility bills (it's COLD up there), high property taxes, and a personal vehicle.
In short, it sounds great but the numbers really don't add up that well when you figure it all out.
If you're sharing a house or apartment with someone, you save a significant amount of money, of course, so that's one way to beat the high cost of living. Otherwise, you can make similar money elsewhere and not have to deal with all the crap, bad weather, and generally miserable lifestyle there.
Talking with MikeyCB about it, I'd have to effectively double my salary to even THINK about moving to Alberta right now and even then, I'd see a significant drop in living standards (much smaller house, lesser vehicles, etc, etc)...
So, you're paying $31K in taxes (single person), paying $3800 a month for your house ($45600 a year), and that leaves you with.....$33400 to live on ($2783 a month).
That's not bad, until you remember that if you're eating out, you're paying for $17/hr labour and very expensive groceries, high utility bills (it's COLD up there), high property taxes, and a personal vehicle.
In short, it sounds great but the numbers really don't add up that well when you figure it all out.
If you're sharing a house or apartment with someone, you save a significant amount of money, of course, so that's one way to beat the high cost of living. Otherwise, you can make similar money elsewhere and not have to deal with all the crap, bad weather, and generally miserable lifestyle there.
Talking with MikeyCB about it, I'd have to effectively double my salary to even THINK about moving to Alberta right now and even then, I'd see a significant drop in living standards (much smaller house, lesser vehicles, etc, etc)...
07-10-2008, 04:06 AM
#3
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I met a couple from Canada, may have been Alberta (?) somewhere out west Canada. They said their economy was doing so well that they practically didn't pay any taxes or they got huge refunds because the mining companies were doing so well their taxes covered most.
They said especially since oil sand cost a bit to process that when the price of oil goes up that makes the process more profitable.
I believe the oil shale in the US could be similar if oil stays over $90+ a barrel then likely it will be easy to make it work.
This is why the oil producers (IMO) don't want the price of oil too high besides the world could go into a recession but also oil shale and oil sand and hard to recover oil will be more profitable.
I read that the US has enough oil shale to last 110+ years at our current oil consumption but as to now I don't think it is being developed.
The US has been called "the Saudi Arabia of coal" and it's possible to liquify coal to make oil-derivitives as well but the price of oil has to be high or else it's cheaper to buy oil than process coal into oil.
They said especially since oil sand cost a bit to process that when the price of oil goes up that makes the process more profitable.
I believe the oil shale in the US could be similar if oil stays over $90+ a barrel then likely it will be easy to make it work.
This is why the oil producers (IMO) don't want the price of oil too high besides the world could go into a recession but also oil shale and oil sand and hard to recover oil will be more profitable.
I read that the US has enough oil shale to last 110+ years at our current oil consumption but as to now I don't think it is being developed.
The US has been called "the Saudi Arabia of coal" and it's possible to liquify coal to make oil-derivitives as well but the price of oil has to be high or else it's cheaper to buy oil than process coal into oil.
07-10-2008, 05:58 AM
#4
Originally Posted by rai,Jul 10 2008, 06:06 AM
I read that the US has enough oil shale to last 110+ years at our current oil consumption but as to now I don't think it is being developed.
program. Others are doing the same thing.
07-10-2008, 07:42 AM
#5
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I don't think this thread belongs in Car Talk. Having said that, here's a lengthier article from Time: http://www.time.com/time/magazine/article/...1808610,00.html
I spent a lot of time in Alberta in the past six months. There's a labor shortage there since everyone's going to work in the oil fields; this has lead to a bizarre situation where all of the service industry staff (waitresses, cashiers, etc.) are Australian. It's kind of bizarre to be deep in central Canada talking to someone with an Australian accent.
I spent a lot of time in Alberta in the past six months. There's a labor shortage there since everyone's going to work in the oil fields; this has lead to a bizarre situation where all of the service industry staff (waitresses, cashiers, etc.) are Australian. It's kind of bizarre to be deep in central Canada talking to someone with an Australian accent.
07-10-2008, 08:16 AM
#6
Originally Posted by PedalFaster,Jul 10 2008, 10:42 AM
I don't think this thread belongs in Car Talk. Having said that, here's a lengthier article from Time: http://www.time.com/time/magazine/article/...1808610,00.html
I spent a lot of time in Alberta in the past six months. There's a labor shortage there since everyone's going to work in the oil fields; this has lead to a bizarre situation where all of the service industry staff (waitresses, cashiers, etc.) are Australian. It's kind of bizarre to be deep in central Canada talking to someone with an Australian accent.
I spent a lot of time in Alberta in the past six months. There's a labor shortage there since everyone's going to work in the oil fields; this has lead to a bizarre situation where all of the service industry staff (waitresses, cashiers, etc.) are Australian. It's kind of bizarre to be deep in central Canada talking to someone with an Australian accent.
and we get mexicans?
07-10-2008, 08:49 AM
#7
Mexican women can be very beautiful. Salma Hayek, anyone?
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07-10-2008, 10:15 AM
#9
since when did austrailian women become the standard for beauty?
There are endless supplies of beautiful latin women. and in my opinion when you take a hot latin/asian/etc. woman and compare her to your garden variety hot white chick the latin/asian/ etc. just has that exotic spark that a white chick doesn't.
for the record im 100% caucasian
There are endless supplies of beautiful latin women. and in my opinion when you take a hot latin/asian/etc. woman and compare her to your garden variety hot white chick the latin/asian/ etc. just has that exotic spark that a white chick doesn't.
for the record im 100% caucasian
07-10-2008, 10:17 AM
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Originally Posted by Mr.E.G.,Jul 10 2008, 10:15 AM
for the record im 100% caucasian
Grass is always greener on the other side. Or is that bush?
