We have often heard the question, “Is there growing market demand for Canadian crude oil?”
The answer is YES!
Every day, we rely on oil to fuel our lives. It transports us to and from work and school, it is key in the products we use each day and it even produces lifesaving medical equipment. While advances have enabled us to incorporate renewable energy solutions into the mix, the reality is that North America will continue to need oil for many years to come.
In fact, per the U.S. Energy Information Administration, “oil and natural gas will continue to supply 60 per cent of U.S. energy demands through 2040,” making it critical that we support energy security, the environment and economy in our backyard.
The U.S. and Canada have one of the closet trade partnerships in the world. A recent report by the U.S. Energy Information Administration (EIA) highlighted that Canada continues to be “the largest source of U.S. crude oil imports in 2016, providing a record 3.3 million b/d, or 41 per cent of total U.S. imports—more than all Organization of the Petroleum Exporting Countries (OPEC) combined.”
This growth reflects the benefits of a reliable, safe and secure source of crude oil.
It also helps demonstrate need for the Keystone XL Project (KXL), a pipeline that would bolster trade and help meet the energy demands of the U.S. and allow more Canadian and more U.S. crude oil to reach refineries in the Gulf Coast.
For more information on the Keystone XL Pipeline Project, visit the project’s website.