Technological advancements in the oil sands have helped create more energy efficient practices and to decrease GHG emissions in the oil sands. One of the most important mechanisms used to achieve this is co-generation. This is a process where steam and electricity is produced simultaneously.
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What are the pros of oil sands?
- Very large supply. Second largest oil field in the world.
- Economically recoverable at today’s oil prices.
- Will help keep oil prices relatively low.
- Enormous growth potential.
- Big economic driver in Alberta.
- Stable source country (a rarity for oil)
- GHG emissions could potentially be minimized through CCS.
Why do we need oil sands?
Technological advancements in the oil sands have helped create more energy efficient practices and to decrease GHG emissions in the oil sands. One of the most important mechanisms used to achieve this is co-generation. This is a process where steam and electricity is produced simultaneously.
Why does Canada sell oil to the US at a discount?
Since the oil in WCS is much heavier than WTI (which is a light oil), and further away from main markets, WCS is priced at a further discount to WTI. Other oil streams produced from the oil sands are also priced at a discount to WTI or WCS.
Why are oil sands bad?
Tar sands oil — even the name sounds bad. And it is bad. In fact, oil from tar sands is one of the most destructive, carbon-intensive and toxic fuels on the planet. Producing it releases three times as much greenhouse gas pollution as conventional crude oil does.
What is America’s biggest import?
What Are the Major U.S. Imports?
- Machinery (including computers and hardware) – $386.4 billion.
- Electrical machinery – $367.1 billion.
- Vehicles and automobiles – $306.7 billion.
- Minerals, fuels, and oil – $241.4 billion.
- Pharmaceuticals – $116.3 billion.
- Medical equipment and supplies – $93.4 billion.
Who produces the most oil in the world?
What countries are the top producers and consumers of oil?
| Country | Million barrels per day | Share of world total |
|---|---|---|
| United States | 18.60 | 20% |
| Saudi Arabia | 11.01 | 12% |
| Russia | 10.50 | 11% |
| Canada | 5.29 | 6% |
What are the cons of oil sands?
Cons
- Enormous GHG emissions.
- Relatively low net energy return compared to other sources.
- Large amounts of water required: roughly 3:1.
- Water pollution.
- Destructive to major boreal forest.
- Widespread habitat destruction, both on land and water.
- Requires expensive and risky pipelines.
How much does the United States owe China?
Foreign investors hold roughly 40% of the US’ debt
| Country 🌎 | Debt held 💵 | |
|---|---|---|
| 1 | 🇯🇵Japan | $1.3 trillion |
| 2 | 🇨🇳China (mainland) | $1.1 trillion |
| 3 | 🇬🇧UK | $425 billion |
| 4 | 🇮🇪Ireland | $331 billion |
Does Canada have more oil than the US?
Canada produces more oil and natural gas than we need to meet energy demand within our country, so the remainder is exported. Essentially all of Canada’s oil and natural gas exports go to one customer: the United States.
Why does Canada sell oil to the US?
Canada also exports refined petroleum products to the U.S. whether it’s funding for health care, education, or a variety of other important services that give us one of the highest living standards in the world. That’s why it’s so important that we continue building pipelines to export our oil (and gas).
Why does Canada buy oil?
You’re probably wondering… why does Canada import oil? According to a study by the Canadian Energy Research Institute (CERI), it’s simple economics for refiners… “to minimize operating expenses and maximize margins”. In other words, it costs refiners less to import foreign oil than to use domestic product.
Which country is the US largest trading partner?
Year-to-Date Total Trade
| Rank | Country | Total Trade |
|---|---|---|
| — | Total, All Countries | 332.5 |
| — | Total, Top 15 Countries | 253.2 |
| 1 | China | 52.0 |
| 2 | Mexico | 48.5 |