Diversifying markets for Canadian oil production is vital to ensure Canada receives full value for its natural resources.
Canadian oil supply is growing, just at a slower pace than previously forecast. This reality, combined with the fact that the International Energy Agency reports more than a quarter of the total world energy demand will still be met by oil in 2040, means Canada needs more pipelines in all directions to supply growing global needs as well as domestic markets. Less than one per cent of Canada’s oil is shipped to markets outside North America. So the case for additional pipelines remains urgent to move Canadian oil to Canadians and to the world.
Learn more about how crude oil is transported.
Canada's Resources. Canada's Benefits
Without better access to tidewater and domestic markets, Canada receives fewer economic benefits from development of its oil and natural gas. The Canadian Energy Research Institute estimates the Western Canadian oil industry could contribute $1.5 trillion in provincial and federal taxes, and provincial royalties over the next 20 years. It’s this economic contribution governments use to help pay for things that Canadians value and want such as health care, education and public infrastructure, including schools, roads and hospitals.
Canadian Energy for Canadians
Despite having and making more than enough oil to meet all of Canada’s own needs, we spent $17 billion last year importing oil from places such as the United States, Saudi Arabia, Algeria, Norway and Nigeria. Many of these countries have less stringent environmental standards than Canada’s, and that’s not ideal from a global environmental perspective.
With new pipelines to transport Western Canadian oil to Ontario, Quebec and the Maritimes, who currently rely on imports to meet their needs, we would have the opportunity to reduce Canada’s dependence on foreign oil while keeping the money spent on imports in Canada, where it can help create jobs and grow the economy.