"If you look at the oil picture, you find something interesting about where future supplies will come from. The IEA estimated as recently as November 2008 that the Canadian oil sands would account for nearly 70% of the increase in nonconventional oil production between 2009-2030. 
However, with the price of oil where it is, investment has been cut way back. Already, the Canadian Association of Petroleum Producers has revised its forecast for investment three times. It's cut it from $20 billion to $10 billion currently.
However, with the price of oil where it is, investment has been cut way back. Already, the Canadian Association of Petroleum Producers has revised its forecast for investment three times. It's cut it from $20 billion to $10 billion currently."It begs the question, of course, where the oil will come from. These swing producers, like the Canadian oil sands, can't stop and start very easily. They take time. And these swing producers need a higher oil price to entice them to invest in new projects.