Canada’s oil sector is scrambling to increase production as the U.S. bans imports from Russia. Had the Keystone XL pipeline not been cancelled, more oil from Canada would likely already be on the way, says a leading oil analyst.
President Biden has announced a ban on the import of all Russian oil and gas energy products, but instead of looking to America’s largest trading partner, Canada, to increase oil exports, the White House is reportedly turning to regimes like Saudi Arabia, Iran and Venezuela.
The U.S. is considering its options to replace oil imports from Russia amid Moscow’s invasion of Ukraine, but rather than working to fast-track increased oil deliveries from Canada, the Biden administration is reportedly in talks to ease sanctions so the U.S. can buy oil from Venezuela, where the government stands accused of a litany of human rights abuses.
Federal environment minister Steven Guilbeault said in media coverage this week that Canada is not the solution to the energy security crisis caused by Russia’s invasion of Ukraine.
In an effort to improve Canadians’ understanding of natural gas and the 570,000 kilometers of pipelines that reliably delivers it to homes, businesses and industries, the Canadian Gas Association launched a new campaign called Fuelling Canada.
Russia’s invasion of Ukraine is expected to spark a big shift in global energy markets as nations hunt for responsible suppliers to break their dependence on Russia for both oil and natural gas.
Russian aggression against Ukraine means Keystone XL – the pipeline killed by President Joe Biden on his first day in office – is getting lots of attention from lawmakers in the US.
As it continues to wage war on Ukraine, Russia is strengthening its hold on global energy markets with one of the biggest oil and gas projects the world has ever seen
The Russian invasion of Ukraine has exposed real and dangerous risks to global peace and security, not only from geopolitical ambitions but also due to energy shortages arising from misguided energy policies.
Ukraine’s shooting war has been coming for weeks. Russia politely delayed its attack until the end of China’s winter Olympics to maintain at least one big friend after the missiles were launched. The price of oil has spiked. Supplies and costs of multiple essential commodities are uncertain.