Oil At The End Of The Tunnel

Canada and the United states are both developed countries with economies which are extremely dependant on oil. Canada exports 37% of its production (to the United states) and imports 35% of its consumption (mainly into Eastern Canada), making the country self-sufficient in oil. Canada is attempting to increase its oil production so as to simultaneously reduce its dependence on foreign oil while producing more oil for export. The United states -imports no less than 50% of its total consumption of 17 million barrels/day. Canada's exports to the United states form only 7% of the United States total imports. The United States would clearly prefer to achieve self-sufficiency in oil. Consequently both countries are dependent on foreign oil. The united States is however in the sensitive situation of depending, for its imports, on countries which are susceptible to destabilizing political events. It is the author's hypothesis that recent developments in underground oil recovery from the Athabasca oil Sands of Alberta may well, for both countries, form part of the solution to these problems.