Politicians often speak of the need to “add value” to our oilsands bitumen. They advocate upgrading it here to create jobs in Alberta. Upgrading is the process by which very viscous raw bitumen is processed into a lighter “synthetic crude oil.”
Adding value to something is only a winning strategy if the value added exceeds the costs incurred. With partial upgrading we may have a value-added solution where the benefits actually outweigh the costs.
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