Nov 13, 2014
Even with all the shale oil and gas, the US is still importing middle east & Venezuelan oil even though at a much lower rate than before. If the US is not buying Canadian bitumen, they have to make up with bitumen from Venezuela. Their environmental standards are lower than Canada's. Ontario East and the Maritimes have to import oil because they cannot handle bitumen. It is only the past 3 years when Brent cost more than WTI that Ontario is thinking of upgrading the refineries to take advantage of the lower cost Canadian bitumen from Alberta. In the past, Ontario and East did not want to pay the toll necessary to build a pipeline. Canada is a next exporter of oil with all of them going to the US.