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Seeking Alpha reports that Canada has become the biggest supplier of crude oil to the U.S.
Seeking Alpha reports that Canada has become the biggest supplier of crude oil to the U.S.
The market news is quoted as saying:
The heavy oil, extracted from bitumen, is abundantly available in remote areas of Alberta. It is estimated there are 1.7 trillion barrels of total oil reserves in Canada with the biggest share in the oil sands. Only pipelines can move this amount of landlocked oil to markets. These reserves, the second largest in the world behind Saudi Arabia, represent a safe and increasing supply of oil to the U.S. for many decades.