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Old 03-19-2013, 01:59 AM   #18
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Join Date: May 2009
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Default Re: Countries with most oil reserves

Originally Posted by DCL
it's time to invade canada.

no need, really.


...Canadian oil exports to the United States have actually risen over the past decade in real and percentage terms.

In 2002, Canadian crude accounted for just less than 16% of all U.S. imports, a figure estimated to have reached 28% by the end of 2012.

While overall U.S. oil imports have declined, Canadian crude shipments south of the border have risen by a third.

Growing Canadian imports from oil sands projects effectively pushed out waterborne imports of heavy crude oil from less stable regions, such as Mexico or Venezuela,” said Sabine Schels, analyst at Bank of America Merrill Lynch.

This is bittersweet for Canadian companies...

...Canadian producers know their biggest market remains the U.S.

...the U.S. Gulf Coast will be a critical part of the future for oil sands, particularly for bitumen blends.”

TransCanada Corp.’s CEO Russ Girling knows this, which is why proposes a pipeline to the Atlantic to take Alberta crude not just to global markets, but back into the United States.

It’s not a Plan B, it’s a Plan A, and it will go if the market supports it, along with Keystone,”

Once you get on tidewater, you can get anywhere, and you don’t need a presidential permit to bring oil into the Gulf Coast.”

IHS expects oil sands volumes to the Gulf Coast to increase considerably as more than two million barrels per day of new pipeline capacity planned is expected to connect Western Canada to the Gulf Coast in the next three years — that is assuming it is approved and gets built.

Clearly, Canadian producers are caught in the U.S. orbit and will remain in its vortex for the foreseeable future.
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