Prime Minister Mark Carney says he’s not worried about the prospect of increased oil production from Venezuela challenging Canada’s energy exports because Canadian oil is cheaper, cleaner and lower-risk.
Carney made the comments at a press conference in Paris on Tuesday after being asked if he was concerned that U.S. President Donald Trump’s play for Venezuelan oil this week increased the need to speed up the construction of another bitumen pipeline from Alberta to the B.C. coast.
“Canadian oil will be competitive because it is low-risk, clearly low-risk, low cost — the marginal costs, there’s been huge progress on getting down the costs, and low carbon, which is what the Pathways project carbon capture will bring,” Carney said.
“That makes Canadian oil competitive for the medium and long term,” he added.
But isn’t that the point ?
The Venezualan heavy sour crude needs a lot of refining which creates jobs (at least in the construction phase) in Louisiana.
Of course the processing is spectacularly filthy and coastal land is expensive in the US so it would probably be built in Venezuela but it will be years before anyone finds that out.
They already have the refineries they need for Venezuelan oil. They are processing Canadian oil now.
This frees the US up from relying on a northern neighbour that won’t do what they are told.
Canada better get started diversifying.