Move Over Oilsands

Iraq increases oil reserves by 24%

"The country has 143.1bn barrels of known and extractible oil, up from the 115bn barrels previously estimated.

If correct, the revision means that Iraq now has bigger oil reserves than its neighbour Iran."

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"Announcing the new figures, the Iraqi oil minister, Hussein al-Shahristani, said he expected "other increases of even these fixed reserves" as further exploration yields more results."

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"However, the reserves of second-place Venezuela and third-place Canada rely on unconventional oil sources, such as tar sands - almost exclusively so in Canada's case.

Tar sands are only economical to extract at a high oil price."

Well, there goes James Cameron's latest gig. The greens will be happy too, since oil from the Middle East isn't dirty. Apparently. No word yet from the IPCC.