OPEC influences BP oil sands deal
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Submitted by Energy Stocks Blog
Written by Michael Vass
When will oil prices break thru the $100 a barrel mark? That is a question that Europe and America are considering now, even as OPEC has decided to hold production levels steady, and the question of an American recession loom on the horizon.
Though President Bush has taken action to halt the mortgage crisis, the demand and cost are still serious issues. So serious in fact that BP has just inked a $5 billion deal with Husky Energy to take a position on the huge oil sands reserves found at Alberta oil sands deposit. Previously the cost and difficulty of oil sands had prevented BP from getting involved, but with oil at nearly $100 a barrel there has been a need to change.
