United States and Canada Must Jointly Develop North American Energy Market

Date: 03-25-2016 | Category: Articles, Energy Security, Geopolitics

Atlantic Council March 25, 2016 By Ariel Cohen Falling oil prices are a major challenge for oil revenue-dependent markets, including Venezuela, Russia, and Iran. But closer to the United States, Canada, which is heavily dependent on oil exports, is also suffering. Estimated Canadian oil reserves sit at 172 billion barrels. Russia, in comparison, only has approximately eighty billion barrels in reserves. Most of Canadian oil is trapped in oil sands—a combination of clay, sand, and water, soaked in bitumen, a heavy black viscous oil. It is impossible to produce and transport oil from these locales without special treatment, which requires expensive industrial infrastructure to implement. Economies of scale make these projects profitable above $50 per barrel. Alberta’s oil industry thrives—but only as long as oil prices remain high. http://www.atlanticcouncil.org/blogs/new-atlanticist/united-states-and-canada-must-jointly-develop-north-american-energy-market  

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