With almost 170 billion barrels in oil reserves, Canada ranks only behind Saudi Arabia and Venezuela in terms of domestic oil supply. Yet we continue to import billions of dollars worth of oil every year into Eastern Canada, from places including the U.S., Saudi Arabia, Algeria and Nigeria. As well, polls in Quebec and Canada show strong support among Canadians for using domestic oil over oil from other countries. Energy East, a pipeline proposed by TransCanada Corporation would help displace foreign oil by providing a direct pipeline route from supplies in Western Canada to refineries and consumers in Eastern Canada.
Why do we import foreign oil?
Canada produces more oil than it can consume, yet we import billions of dollars of foreign oil. What gives?