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Trade and Oil on Agenda as Obama Visits Canada
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Obama says oil sand leave a big carbon footprint in his interview with the Canadian Broadcasting Corporation, just before his visit for talks with Candian Prime Minister Harper in Ottawa, Canada. The talks will focus on climate change, whether the oil sands can continue to be exempt from regulation, and other issues including a "Buy America" provision.
Lower prices for Canada's shale oil and Canada's economy, the impact in 2013-2016
02/20/2009
The significant impact on the Canadian economy and on Alberta of the lower prices for Canada's shale oil. Discounts for Canada's shale oil relative to Brent crude benchmark international oil pricesand U.S. benchmark price range from 20 to 50%. Canada's shale oil was Dat $80 per barrel in April 2013, compared to $94 for U.S. benchmark price and $106 for Brent international crude oil price. This has reduced GDP in Canada for 2012 by 0.4% for the second half of 2012, according to Canada's central bank. GDP growth is sluggish at 1.8% for 2012. The impact in lower government tax and royalty revenues is significant for Alberta.
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Trade and Oil on Agenda as Obama Visits Canada
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Trade and Oil on Agenda as Obama Visits Canada
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This would bring an additional 1.1 million barrels of Canadian oil to the U.S. from Alberta oil sands. The project is being held up by the Obama administration. The Energy Department gave its approval in February 2011, but it is being held up for further environmental studies. Advances in environmental protection for oil sands development have reduced the footprint of the processes used in production of oil. This would reduce imports from the Middle East and have a favorable impact on oil prices.
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Trade and Oil on Agenda as Obama Visits Canada
New York Times 02/20/2009
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U.S.- Canada trade relations
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Trade and Oil on Agenda as Obama Visits Canada
New York Times 02/20/2009
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