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Is America’s biggest Oil producer moving east?

April 25, 2012

Many Americans don’t realize it, but according to the U.S. Energy Administration, Canada is actually America’s top source of oil imports. United States total crude oil imports now average 9.033 million barrels per day (mbpd), with Canada sending 2.666 mbpd. Big Red actually has a lot more to give us but they need a more productive way of getting it here.

The Keystone pipeline enhancement is just one of many proposed changes to bring more oil in and to reduce the bottleneck of surplus crude at the storage facilities at Cushing, Oklahoma.


Past performance is not necessarily indicative of future results

John Daly from oilprice.com reports of Canada’s growing frustration with the United States in his latest article.

“Canada’s Prime Minister Stephen Harper is fed up with Keystone XL pipeline debacle and now looking east for energy production exports. Harper recently declared “We cannot be in a situation where really our one and only energy partner can say no to our energy products. The very fact that a no can be said underscores to our country that we must diversify our energy export markets.”

In February he told 600 Chinese and Canadian businesses that Canada and China are about to enter a new era in a strategic energy partnership, while warning Washington that if it does not want Canadian oil, his government would be happy to sell it to China.

Harper told his audience, “We are an emerging energy superpower. We have abundant supplies of virtually every form of energy. And you know, we want to sell our energy to people who want to buy our energy. It’s that simple,” he said, to applause from the crowd.

Read more from John Daly from OILPRICE.com: Stung by the Keystone XL Debacle, Canada Looks Eastwards

The Keystone Pipeline looks like it will continue to be a hot topic of the electoral race. Both sides seem to blame the other for rising prices at the pump. Where do see this headed? Do you think the Pipeline will be approved in 2011? Let us know what you think.”

Email us at  iinvest@chesapeakeinvestment.com.

“Always invest your time before you invest your money”

Chesapeake Investment Services
Managed Futures Specialists


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