The Phoenix Canada Oil Co. Role in the "Hydrogen Economy"

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[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 28 /CNW/ - Phoenix Canada Oil Company (TSXV: PCO & OTC BB:\nPHXCF) - About three months ago, Management opined on the inevitability of\n$100 oil. As of today, $100 oil is close-and-almost -- not more than a day's\ntrading below the breakthrough !! With the world's oil consumption now over\n85-million barrels per day -- and with the realistic expectation for\n2030 demand exceeding 115-million barrels per day -- the "doomsday Peak Oil"\nscenario is considerably closer to its climax.\n\n\nThe recent headlines on Brazil's "exciting" once-in-a-decade 5 to\n8-billion barrel offshore oil discovery generated major financial market\nexcitement (by way of a 26% price increase for Petrobas's NYSE-traded shares).\nWhat the press did not address was, firstly, the fact that the discovery well\ncost over $250-million -- and secondly, that at the world's current oil\nconsumption, a 5-billion barrel reserve is depleted in only 59 days !! And as\nan 8-billion barrel find -- the aggregate new reserves would be depleted in\nonly 94 days !! Put another way -- at the world's current oil consumption\nrate, the reserves found in this truly major and newsworthy oil discovery\nwould be depleted in about 3-months (assuming that the new field reserves are\nat the top end of current estimates !!).\n\n\nThe financial and commodity markets are also turning a blind eye to the\nfact that the world's current oil finding rate -- increasingly difficult and\ncostly in any event -- currently comprises only about 50% of current world oil\nconsumption !! In our world of inexorably rising oil consumption (think\n"China" and "India"), the industry must also contend with the recurrent supply\nuncertainties deriving from natural disasters and the many notably unstable\npolitical regimes involved. Is there a more compelling argument for the\ninevitable "Hydrogen Economy?"\n\n\nUnderstandably -- the universe of "alternative" energies (solar, wind,\nethanol, biofuels, et al) are now being widely promoted. But without a known\nexception, all remain dependent upon direct and indirect Government subsidies\nin varying forms. A long list of valid and other reasons support subsidies for\n"alternative" energy sources -- despite hydrogen being increasingly understood\nand accepted as the ...

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