Canada has long been facing the situation of having only one buyer for the oil that it produces. Most of the oil that is produced is exported to only the United States which leaves a lot of money untouched for power companies and governments to utilize for the development of the country.
Here are some reasons why Canada needs to act now and expand its oil market and also the reasons why the world needs to look towards Canada for their oil needs:
- Canada is the only nation that is deprived from using Oil tankers and pipelines to send its oil overseas. This is also the main reason why 99% of the oil they produce goes straight to the United States. Being one of the largest Oil producing nations, there is a dire need to get the oil to the rest of the world directly through Canada. This will also help reduce oil prices in many regions.
- Global Oil demand is rapidly increasing and is said to reach a shocking amount of 100 million barrels a day by 2021 which will not be easily met unless all the Oil producing nations have access to direct trade routes and Oil pipelines.
- Canada’s Oil producing companies provide employment to tens of thousands of people across the country. Despite being a major Oil producer, Canada has lived up to the standards and is considered the top country that is livable among giant Oil producers. A country that puts in so much effort to maintain cleanliness despite being in the dirty Oil business deserves more recognition.
- Among the top ten Oil reserve countries, Canada is also ranked the best for democracy, social justice, transparency, freedom of press and freedom of speech.
- Canada has to import about 500,000 barrels of Oil which, since 2012, has cost the country about $100 billion. The groups that speak out against building of pipelines in Canada are the same ones that remain quiet about the cost of importing Oil.
- Canada keeps itself clean by being one of the top countries that uses renewable energy resources such as hydro, nuclear and wind power. Although there have been problems with the recent rise in prices in the bills generated, these can be easily covered if the Oil export is expanded and Canada has to stop importing Oil to meet its requirements.
- Canada is one of the few countries that is contributing to the world’s Oil demands by providing new barrels. If Canada starts to go in a loss in Oil production, there is a high chance that the world’s requirements of new barrels will not be met and by 2030, 30,000,000 new barrels will be needed which will be impossible to meet.
Canada contributes to the world a lot more than the world is contributing to her. Countries need to approach the Canadian government and start developing ties and creating pipelines that can facilitate the easy transport of Oil directly from Canada or they can expect high Oil prices and lower supply in the near future.