Canada Will Stay Top U.S. Oil Supplier For 20 Years

"Oilsands will account for a vast majority of this incremental exports. The remaining volumes will be sourced from the conventional oil sources in Canada," he said. Since 9/11, the U.S. has been pursuing a policy of reducing reliance on Middle East oil. Until recently, Saudi Aramco was the single-largest supplier of crude oil to the U.S. under a long-term deal offering a favourable lifting and delivery price. That scenario has changed, however. In an address to the U.S. Congress late last year, President George W. Bush spoke of the need to decrease 75 per cent dependence on Middle East oil due to volatility in the region. "We will see a growth in supply from not only Western Canada, but also the Middle East. However, the increased demand will be spread over several Arabian Gulf suppliers and not be solely reliant on Saudi Arabia. A majority of Saudi oil is destined for the Asian markets, particularly China and India," Caruso said. The U.S. is the world's largest consumer of crude oil, estimated to be 22 million bpd. According to the EIA, demand is projected to grow 30 per cent over the next 25 years with fossil fuels catering to a bulk of the new energy requirements. http://tinyurl.com/2qea6u

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