API Statement on the visit of Canadian Prime Minister Stephen Harper to the U.S.

WASHINGTON, September 16, 2009 - API issued the following statement today from President Jack Gerard on the visit of Canadian Prime Minister Stephen Harper to the United States:

“The importance of our country’s energy partnership with Canada should be high on the agenda during discussions this week in Washington between President Obama and Canadian Prime Minister Stephen Harper. Many Americans may not realize the vital role Canada plays in our country’s energy and economic security. Canada is by far our number one supplier of imported oil and natural gas. It also is a friendly neighboring country that does a lot of business with the U.S. Its oil resources are vast - second only to Saudi Arabia’s - and will continue to play an increasingly important role in our energy future.

“The prime minister’s visit underscores the importance of developing more of North America’s oil and natural gas. Even with additional alternative energy, we can’t lose sight of the absolute critical importance of oil and natural gas in the next few decades to both Canada and the United States. They will continue to drive our economies and provide employment for millions. Canada’s ample resources, including its oil sands, will help meet future demand, but so can America’s undeveloped resources in federal areas, if the nation pursues common-sense energy policies.

“Refiners in the U.S. are investing huge sums to expand and upgrade their plants to make more fuel from oil derived from oil sands while subject to strict federal, state and local environmental regulations. Pipeline companies are investing to build new infrastructure to transport the Canadian oil into the United States. The expansion and upgrade projects will create more than 10,000 new construction jobs and an additional 500 permanent full-time refinery positions. These refinery expansions bring additional tax revenue and other economic benefits to their local communities.

“Canadian and U.S. companies are making the necessary investments to meet stringent environmental and other regulatory requirements to offset the impacts of increased oil sands production and processing. On a life cycle (or well to wheels) basis, oil derived from Canadian oil sands is comparable with other crudes refined in the United States.”

Updated: September 16, 2009