Common Tragedies

Thoughts on Environmental Economics

Oil quote of the day

Posted by Evan Herrnstadt on November 17, 2007

From the Washington Post:

“[Saudi oil minister Ali al-] Naimi estimated that it costs Saudi Arabia about $2 to produce a barrel of oil.  Developing new fields is also cheap, he said, running about a quarter or less of exploration and development costs elsewhere.  Asked whether Saudi Arabia would be interested in investing in Canadian tar sands, which require more than $40 per barrel in investment, Naimi said there would be no point.”

One Response to “Oil quote of the day”

  1. odograph said

    Produce oil for $2, sell it for $98 …. good work if you can get it.

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