Two sources for the info below:Globe and Mail.And from January 2017- two years ago @ the CBC
Venezuela is roiling global oil markets, with the prospect that steep declines in the country’s oil output will drive up prices for the heavy crudes that Canada produces.Production by the country’s state-owned Petroleos de Venezuela SA (PDVSA) plunged in recent years and is expected to fall further in 2019, with dramatic cuts if the United States follows through on threats to impose new sanctions on its oil trade with the South American country.
Here’s where Canadian Oil Producers and Pipelines Benefit
“ While Canadian producers should benefit from rising prices for heavy crude, they are not in a strong position to replace any declines in Venezuelan imports to the United States, owing to the lack of pipeline space and the straining capacity of the crude-by-rail option”
Trudeau bought a pipeline and Trump had a plan
Prime Minister Justin Trudeau is strongly in favour of Donald Trump's decision to green-light the Keystone XL pipeline project, a move he says will be a boon for Canadian jobs and government coffers, and help a hobbled Alberta recover from the steep decline in oil prices.Trudeau said he has spoken to the new U.S. president twice, and on both occasions he pressed upon him Canada's steadfast support for the $8-billion project, which could carry more than 800,000 barrels of Alberta oil a day to refineries in Texas.
Venezuela’s oil out. Canada’s oil in. Very NAU.
'Very good moment'The Liberal cabinet presented a united front Tuesday, heralding Trump's decision as proof the two, ideologically incompatible governments can work together for the benefit of workers on either side of the border."My reaction is that it would be very positive for Canada — 4,500 construction jobs and a deepening of the relationship across the border on the energy file," Natural Resources Minister Jim Carr told reporters, referring to the number of temporary direct and indirect jobs that will be created in Canada.“Canadian producers should be able to capitalize on a crisis like this in terms of placing their barrels [in the U.S. market], but that’s where the infrastructure constraints really come to bear," Helima Croft
"Analysts on Friday said it is unlikely the United States will impose a complete ban of imports of oil or exports of petroleum products to the country, but added it could adopt less dramatic steps that would curtail Venezuelan exports. Even without such measures, Venezuelan production is expected to continue to fall as debt-burdened PDVSA is unable to reinvest in its oil fields or infrastructure and has lost many of its most experienced technical staff under its military management"
That gives Canada time to get the pipeline built which can move a lot faster with higher prices for crude.
"If built, the project will be a shot in the arm for Alberta's oilpatch, as the project will carry 830,000 barrels of oil per day into the United States when fully operational. The industry has long said it needs more pipeline capacity to carry its product to market.Supply from Western Canada will grow to 5.5 million barrels of oil a day by 2030, the Canadian Association of Petroleum Producers has forecasted, while current pipelines can only carry four million barrels"
Last paragraph from the Globe and Mail
"Over the longer term, a change in government in Venezuela could give the country an opportunity to rebuild its oil industry, so long as that change is accompanied by political stability, Mr. Monaldi said. However, it will take years and many billions of dollars in investment to recover the ground lost over the past decade"
Hattip Northern Truthseeker
One final rant.... Anyone, anywhere who actually believes Trudeau is NOT a friend of big oil.. needs to stop smoking so much of that legal weed. Or get off the big pharma heroin? Get your face out of that smart phone? What ever? The carbon tax promoted, sold by the Trudeau government, is just another tax grab... One of soooo many through history.. And has nothing to do with clean, green anything. Never did. Never will. And human forced global warming is one big psyop on all of us. It's freezin here again. Temps have been well below normal/average for this time of year. And it's set to get colder still!With Wednesday's high set to be minus - 13 C (9 F for my American readers)And the low to be minus - 17 C (1 F , again, for my American readers)Not including windchill factors Our usual this time of year (normal average) Is -1C /-8CBig difference. But hey it's warm in Australia.... and that means the entire planet is hot?Right? We're about to be hit with yet another storm, snow dump, low visibility and frigid temps.Out in Eastern Canada there were stranded seals that couldn't reach the ocean because of ice build up hattippin geofish for all this information
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Double Whammy of Cold
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A cold snap of historic intensity
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Snow in the world back to the 70's
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Massive Warm Water Bleed to the South -- The Ice Man Cometh