When I tell people there is more oil in Canada than in Saudi Arabia, they look at me as if I just fell off a bar stool. Unfortunately, however, I am quite sober and the above statement is quite true and, ironically, sobering.
The world has plenty of oil - not only in Canada, but Russia, China and right in the US as well. In fact, the only argument among geologists is whether there are 3 trillion or 5 trillion barrels of oil remaining beneath the ground. The real issue causing all the grief in the world is refining capacity. Simply put, over the past 20 years, the world's fuel consumption has increased almost 35% (thanks primarily to China, India and other emerging economies) but refinery and storage capacities have remained the same, most probably by design.
>read more here