July 14, 2010: Canadian Oil Sands Could Become Leading Source of U.S. Oil Imports
July 14, 2010
CAMBRIDGE, Mass. - Canadian oil sands are a growing source of petroleum, and by the end of this year, they’ll probably be the leading source of crude oil imports into the United States, according to a new study by IHS CERA. According to the report, Canadian oil sands could provide 20 percent to 36 percent of U.S. oil imports by 2030.
Oil sands production combined with exports of conventional crude oil has already put Canada in the position of No. 1 foreign supplier of oil to the United States, and the country has been steadily increasing its production of crude oil from oil sands while its conventional oil production has declined. Production from oil sands more than doubled over the past nine years, growing from 600,000 barrels per day in 2000 to 1.35 million barrels per day in 2009. Assuming that production rate is sustained this year, oil sands will produce more petroleum than conventional sources in Canada this year, and U.S. imports of petroleum from Canadian oil sands will be greater than imports from any other country.
“The oil sands will play a key role in meeting future world oil demand,” said IHS CERA Managing Director Jim Burkhard. “Oil will continue to play a critical role in U.S. energy supply and the oil sands offer the possibility of increasing oil supply security while offsetting reduced supply from some of the United States’ traditional suppliers.”
Publication date: 07/12/2010