More customers for Canadian oil means that Canadian producers can charge more for their oil, which then means that American businesses and consumers will pay more for oil.
Sentiment: NEGATIVE
Right now, there are a limited number of customers for Canadian oil. Due to simple geography - and without the pipeline - it's really only cost effective for Canadian oil producers to sell their oil to North American customers, mostly American Midwesterners.
We get more oil from Canada than any country.
Although most Americans don't know it, the U.S. gets more oil from Canada than it does from the entire Middle East.
Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.
Canadians need to start thinking of themselves as a petrostate, and they need to start thinking of the kinds of controls needed to protect the country from the excesses of oil.
I think because we're such a trading nation, I think Canadians understand that first and foremost we're part of the global economy.
We made a demand for the the same wage rates to be paid in the Canadian plants as in the U.S. plants.
The one thing people seem to forget is the more oil we have, the lower the price and the lower the profits the oil companies make.
All told, these profit levels have put the world's five largest publicly traded oil companies on track to earn more than $100 billion before year's end. Yet, at the same time that Big Oil's bottom line is going up, so are Americans' energy costs.
Global crude oil demand is increasing, particularly in places like China.
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