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Could Mideast Oil uncertainty become an economic boon for Canada?

The Number #1 Oil import into the US?  Canada....



Mideast strife may be a boon to Canada

The importance of boosting energy supplies from stable allies will be a recurring theme this week during IHS-Cambridge Energy Research Associates' CERAWeek conference, which begins today in Houston.

Panels specific to the oil sands are among sessions that kick off Tuesday.

The oil sands are formations of heavy, viscous oil that are mixed with sand and water over vast areas of AlbertaProvince.

Environmental groups argue that getting the material into usable form pollutes and requires excessive energy.

It must be separated from the water and sand before it can be transported and refined, and once it is refined it creates more sulfur dioxide and other byproducts than most other grades of crude.

While most of the oil sands projects involve separating the bitumen underground, a number of them use open-pit mining that wipes out acres or forest.

Oil sands producers are subject to a Canadian carbon dioxide tax of $15 per ton, but that has done little to slow the pace of investment, with more than $140 billion in projects planned through 2012. A key driver is the potential size of the reserves: 171.3 billion barrels, making it the second-largest proven crude oil reserve in the world next to Saudi Arabia.



In your opinion~ Is Relying on Canada a better option for the US instead of Domestic Drilling?

Answer Question

Asked by grlygrlz2 at 9:27 PM on Mar. 7, 2011 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (6)
  • When I see the responses to the oil price increases ' drill. drill. drill. ' I am amused . I live in Canada, plenty of oil here and a lot is exported to the US . But prices are rising here too , 4c in one day where I live from $1.22 a litre to $1,26 a litre . As I have pointed out before , we are all having to pay a world price for oil and with speculation rife on the futures and hedge markets , the price is uuneccessarily high anyway . I resent having to pay more for gas so that speculators and big oil can make more profits while ordinary people have their budgets strained by having to pay more for almost everything while their disposable incomes are static or declining .
    The province I live in ( not Alberta } is modestly oil rich so there is an indirect benefit through royalty payments and tax revenues improving the province's fiscal position. We don't have a Wisconsin problem . The Oil Sands- an ecological horror

    Answer by janet116 at 10:13 PM on Mar. 7, 2011

  • No, and we don't want to have to rely on anyone but it seems we have no choice right now. I believe they are grasping at straws now to find any solution they can.

    Answer by itsmesteph11 at 10:26 PM on Mar. 7, 2011

  • CALGARY, Alberta, Jan 30 (Reuters) - Higher oil prices and improved refining profits are likely to strengthen fourth-quarter earnings at Canada's biggest oil companies, though weak returns from natural gas and pipeline woes may dampen gains.

    ~ This was released Jan. Imagine what Canadian oil companies profit will be next quarter release. This is money American companies should be making and generating more American jobs.

    Comment by grlygrlz2 (original poster) at 10:34 PM on Mar. 7, 2011

  • Well we already know it won't be a boon for the US.

    Answer by Carpy at 10:45 PM on Mar. 7, 2011

  • ~ This was released Jan. Imagine what Canadian oil companies profit will be next quarter release. This is money American companies should be making and generating more American jobs.

    Answer by lovinangels at 11:08 PM on Mar. 7, 2011

  • Some of the major companies exploiting the Alberta OIl Sands are American, or rather these days , multinationals , as their shares are held not just by Americans but by foreigners , especially the rich of Saudi Arabia and the Gulf States . These companies have no ' loyalty ' to the US, on the contrary, they go where the profits are to be made most easily. They are already receiving unecessary tax breaks and subsidies from the US government but that does not deter them from drilling elsewhere . There is a lot of drilling taking place in the US now but I believe it is for natural gas rather than oil . Not much use for cars but it could replace oil and coal in power generation , cheaper and less polluting and toxic .

    Answer by janet116 at 8:27 PM on Mar. 8, 2011

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