Canada produces more oil than it can consume, yet we import billions of dollars of foreign oil. What gives?
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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.
The lack of new pipelines to access overseas markets is costing Canada jobs, prosperity and tax revenues.
Building these pipelines would help Canada receive full value for its oil and natural gas resources.
Canada is a leading producer of oil and natural gas, and one of the few with strong environmental standards.
While other countries increased GHG-emission-causing flaring activities, Canada’s flaring fell 42 percent despite increased production.
It’s more than a buzzword: CCUS technologies could enable a future that is both low carbon and energy abundant.