It's an integrated energy market that stretches across the North American continent, from Texas and Florida to the mountains of British Columbia and Canada’s industrial heartland in Ontario/Quebec — a cross-border network so deeply connected, it functions as one massive, interdependent system for oil, natural gas and NGLs. That system is undergoing major shifts and challenges, driven not only by changing supply/demand dynamics and evolving infrastructure within the market itself, but also by powerful external forces, including regulatory policies and political pressures. That’s why we couldn’t think of a better time — or a better place — to host RBN’s 19th School of Energy than in Calgary next month. In today’s RBN blog — a blatant advertorial — we’ll highlight how our upcoming conference will dig into how the interconnected energy landscape is changing and why understanding those shifts is more critical than ever. You Ain’t Seen Nothin’ Yet!
First, a quick overview of School of Energy Summer 2025, happening August 26-27 at the Hyatt Regency in Calgary. As always, we’ll begin with the fundamentals — the key drivers that make energy markets move — then dive into our hands-on models and walk through RBN’s latest forecasts. But this time we’re in Canada, which means a cross-border focus: what metrics and definitions matter on both sides of the border, what flows north, what flows south, and how those dynamics are evolving with and away from each other.
We’ll take a deep dive into the oil, natural gas and NGL markets, focusing on where U.S. and Canadian dynamics align — and where they don’t. That means examining each commodity group in detail, including production trends, infrastructure developments, cross-border flows, pricing and regional price differentials. The curriculum will span everything from core market fundamentals to the key forces driving change, along with the latest projects poised to reshape energy flows. In the sections below, we’ll give you a preview of the insights and analysis we’ll be sharing at the conference.
Crude Oil
As shown in Figure 1 below, growth in crude oil production has been astronomical, with combined U.S./Canada volumes growing from 8.7 MMb/d in 2011 to 18.7 MMb/d in 2025 to date. That’s an amazing compound annual growth rate of 6% over a 14-year period. The catch is that most of the U.S. increase has been in light-sweet crude, about half of which has been a better fit for export markets, while most of the growth in Canada has been heavy-sour crude that has been well-suited for complex refineries in the U.S. Midwest and Gulf Coast.
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About the song
“You Ain’t Seen Nothing Yet” was a #1 hit single for Bachman-Turner Overdrive — also known as BTO — in 1974. The song, written by Randy Bachman, was a track on BTO’s third album, Not Fragile, which also went to #1. The LP was recorded at Sound City in Van Nuys, CA, with Randy Bachman helming production. It marked the debut of Blair Thornton on second lead guitar; he replaced Tim Bachman. The other personnel on the record were: Randy Bachman (vocals and guitar), Robbie Bachman (drums), C.F. Turner (vocals and bass) and Blair Thornton (guitar).
“You Ain’t Seen Nothing Yet” almost didn’t make it onto Not Fragile. When BTO’s Mercury Records/A&R man Charlie Fach heard the unreleased album, he said he didn’t hear a hit single and asked the band if they had anything else for him to hear. They gave him a rough demo of “You Ain’t Seen Nothing Yet.” He said, “That’s it!” and included the track on the LP in its demo form.
