Our Best Customer: And why we need to diversify

In 2015, more than 99 per cent of Canada’s oil and natural gas exports went to the United States.

In 2015, virtually all Canada’s natural gas and crude oil exports went to one customer: the United States. There are, of course, good reasons for this. They are our closest neighbour and the only country with whom we share a land border. They are a longtime ally and a large market that buys a host of Canadian goods and services. 

However, this also means that Canada doesn’t always get the best price for its oil and natural gas resources. This is especially true in recent years. Too much supply in North America has driven prices for oil and natural gas down compared to prices in international markets. Access to new markets, such as Asia, Europe and Africa, through the building of pipelines and an LNG industry, would help solve this dilemma.