Is the development of oilsands essential to Canadas future prosperity Assignment

Is the development of oilsands essential to Canadas future prosperity Give Pros and Cons - Assignment Example Oil sand is a composition of many substances including water, soil, sand and bitumen. The bitumen is the thick and vicious oil. For bitumen to gain importance, it must be subjected into a series of treatments (Alberta Energy 4). The Alberta’s oil sands are of immense importance to both Canada and the rest of the globe as it supplies energy is not only more stable than other energy sources, but also reliable. Alberta’s oil sands utilize the most advanced form of technology in the extraction of oil, in addition to being the most developed in the whole world. Alberta’s oil has very many uses. Some of the uses include use of oil in driving cars, manufacturing of cosmetics, bubble gums and other substances like toothpastes. Researchers and developers have estimated that Alberta’s oil sand deposits will sustain Canada for a period of over a hundred and fifty years. However, with the current rate of extraction of oil at Alberta, the period of sustainability may fall below the 150 years. Even with the high rates of extraction, it is estimated that only a portion of about 20% has been extracted and the rest, 80% is yet to be extracted because of the huge depth the oil lays (Albertas Oil S ands Economic Benefits, pars. 2-3, 4). The major method of oil extraction at Alberta oil sands is through steam injection. The steam is exerted to liquefy the bitumen, and water has to be pumped in to mix with melted bitumen, to facilitate it to flow the surface, from the underground. During the separation process, bitumen is obtained and the rest of the mixture is poured away. It is estimated that 75% of bitumen is obtained, and 25% is lost to waste during the separation process (Albertas Oil Sands Economic Benefits, pars. 2 & 3, 4). Alberta’s oil sands are a great source of future prosperity to Canada. Oil is a major driver of a country’s economy. It is evident that all oil producing