Independence Day – U.S. & Canada crude oil self-sufficient in 5 years?
On Monday I spoke at the Canadian Energy Research Institute’s (CERI) Crude Oil Conference in Calgary, Alberta. Presentation title: The Looming Imbalance - Supply/Demand Implications of the Shale Oil Revolution. Like most oil conferences these days, it was very well attended and included some high profile Canadian energy luminaries like Joe Oliver, Canada’s Minister of Natural Resources. As you might expect, this was a crowd very friendly to oil producers in general, and to oil sands production specifically. Have no doubt that Canada is going to increase production from oil sands by at least 1 MMb/d over the next 5 years whether the barrels come to the U.S, or not. It is a “national imperative”.