Not to worry, Canada’s oil won’t go to waste, even though Obama is pandering to radical environmentalists by refusing to allow the Keystone XL pipeline to be built. Our adversaries in communist China will be getting it:
The “decision by the Obama administration underlines the importance of diversifying and expanding our markets, including the growing Asian market,” [Canadian Natural Resource Minister Joe] Oliver told reporters in Ottawa.
Currently, 99 percent of Canada’s crude exports go to the U.S., a figure that Harper wants to reduce in his bid to make Canada a “superpower” in global energy markets.
Canada accounts for more than 90 percent of all proven reserves outside the Organization of Petroleum Exporting Countries, according to data compiled in the BP Statistical Review of World Energy. Most of Canada’s crude is produced from oil-sands deposits in the landlocked province of Alberta, where output is expected to double over the next eight years, according to the Canadian Association of Petroleum Producers.
Keystone would have pumped 700,000 barrels a day into the US economy, creating 20,000 jobs. Instead the desperately needed oil will end up getting piped to the coast for shipment to China.
Yesterday’s rejection “certainly introduces new uncertainties into the economic relationship [between the USA and Canada],” said David Pumphrey, deputy director of the energy and national security program at the Center for Strategic and International Studies in Washington.
We were told that if we just let Barack Hussein Obama be president the whole world would love us. Now our enemies despise us in addition to hating us, and our allies are beginning to feel the same way.
On a tip from Bob Roberts.