Key Facts On Canada-US. Energy Relationship

Posted on Friday, November 18 at 12:38 by jensonj
Canada's large landmass and off-shore areas offer a wealth of energy resources. As of January 1, 2005 Canada's proved reserves were approximately 179 billion barrels -- 4.3 billion barrels of conventional oil and 174.5 billion barrels from Alberta's oil sands reserves -- and rank second only to those of Saudi Arabia. This 174.5 billion barrels of oil sands is but a small portion of the oil sands that is ultimately recoverable. Only 27 percent of Canada's ultimate potential for conventional natural gas, which is estimated at greater than 500 trillion cubic feet, has already been produced. Much of the remaining resource is located in our north and offshore. Our two-way trade in electricity helps to ensure lower costs and a stable supply. Canada is at the forefront of new energy technologies development, including fuel cells, bioenergy, pipelines, and high-voltage transmission technologies. The Canada-U.S energy trade relationship is a North American success story. The North American Free Trade Agreement (NAFTA) sets out clear, transparent and predictable rules for energy trade to the benefit of both the U.S. and Canada. Through our joint commitment to open markets, Canada and the U.S. encourage investment in our energy supplies, infrastructure and technologies, strengthening our future energy security. Canada and the U.S. are working together under the Smart Border Declaration to conduct vulnerability assessments of selected shared energy infrastructure, including pipelines, electricity transmission systems and dams. Through the new Security and Prosperity Partnership of North America (2005), Canada, the U.S., and Mexico are also taking action to create a policy environment that will promote the sustainable supply and use of energy in North America. Together, we're meeting the energy challenges of the 21st century by: increasing the openness of our energy markets and reducing impediments to the free flow of investments in energy supply and infrastructure; enhancing the security and integrity of our energy infrastructure to enable the continued flow of oil, gas and electricity; and investing in R&D to improve energy efficiency and to develop new and cleaner energy technologies through cooperative efforts in the areas of carbon dioxide capture and storage, next generation nuclear power and the hydrogen economy. In 2004, Canadian energy exports to the U.S. were valued at over US$50 billion. Canada supplied the U.S. with: 85 percent of its natural gas imports; or 17% of total U.S. consumption 96 percent of its electricity imports 27 percent of its uranium used in the production of nuclear power and 16 percent of its imports of crude and refined oil products - more than any other country at over 2 million barrels per day. U.S. energy security depends upon reliable energy supplies. Canada is the largest, safest and most secure supplier of energy to the U.S., and we are right next door. http://www.dfait-maeci.gc.ca/can-am/washington/trade_and_investment/energy-en.asp

Note: http://www.dfait-maeci....

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