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Global Resource Corporation (GRC) (OTC: GBRC.PK) claims that its HAWK 10 high-frequency microwave recycling process can recover oil and gases from oil shale, residual oil, drill cuttings, tar sands oil, contaminated dredge/sediments, tires and  plastics with significantly greater yields and lower costs than are available utilizing existing known technologies.

Or as Mr. Smith jokes: “It only took 40 years to become an overnight success.”

Now, oil production in northern Alberta is expected to quadruple to more than four million barrels a day by about 2020, if all the projects proposed go ahead.

The oil sands are seen as a crucial source in a world of increasingly tight supply, where many reserves are in politically volatile regions controlled by undemocratic states. Put another way: Should they disappear tomorrow, one industry expert estimates, the price of oil could jump a third to $130 a barrel.

This is an update of my Peak Oil Overview at March '08. The major changes since my earlier post are the recent apparent decline in Russian production, the new ASPO peak oil projection, and discussion of the recent consumer producer summit in Saudi Arabia (slide 14). I also mention the expected change in IEA's November 2008 forecast of world production.