Jane Van Ryan
Posted July 1, 2010
Today is Canada Day. On July 1, 1867, Canada became a self-governing country consisting of a federation of the four provinces of Nova Scotia, Ontario, Quebec and New Brunswick. Since this is a national holiday, Canadian citizens across the country are celebrating with parades, festivals and fireworks.
It's fitting that on this day we acknowledge Canada's contributions to America's energy security.
Our friendly neighbor to the north is the largest importer of crude oil to the United States. About 2.5 million barrels of oil arrive from Canada every day to fuel the U.S. economy, and about half of the oil is derived from Canada's oil sands.
With oil sands production expected to more than double in the next decade, pipeline companies and refiners are preparing to handle more of this secure resource. Canada's largest oil and natural gas pipeline company TransCanada is seeking approval to expand the Keystone pipeline to refineries along the Gulf of Mexico, but it's run into opposition from environmentalists and some members of Congress. If the company does not receive the permit, oil sands-derived oil that could be destined for the United States might be sent to China and other Asian markets.
TransCanada announced that the first phase of the $12 billion Keystone pipeline project was filled with oil yesterday and was transporting oil to Midwest refineries. The expansion of the line to the Gulf Coast could inject more than $20 billion into the U.S. economy and produce 119,000 person-years of work, according to a company news release.
The U.S. State Department is expected to issue a final environmental impact statement on the pipeline project this fall. For more information about Canada's oil sands, watch the video below to see how one company produces about 20,000 barrels of oil per day from SAGD oil sands recovery.
About The Author
- Blogger Conference Call - Oil Sands Development and the Keystone XL
- Blogger Conference Call - ExxonMobil Earnings and Taxes
- Blogger Conference Call - Industry Earnings and Public Pension Plan Ownership
- ETR 130 - The Oil and Natural Gas Industry's Contribution to State Pension Plans
- Keystone Pipeline: The Sooner, the Better
- Capping Stack: A Positive Outcome from a Tragic Accident
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