Peak Oil News - House measure would sweeten oil shale deal

Energy companies could potentially reap millions of dollars in royalty breaks under a House bill approved Thursday that calls for the United States to model its western oil shale program after Canada's booming tar sands industry. Companies in Canada are making fortunes turning sticky, tar-covered sand into oil. The United States hopes to do the same with tar sand in Utah and its cousin, oil shale, a rock that yields petroleum when heated. Colorado, Utah and Wyoming contain an estimated 500 billion to 1.1 trillion recoverable barrels of oil from oil shale, though companies are still exploring whether it can be tapped economically.

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