Tuesday, April 3, 2012

Harper: Thanks to Obama’s “no” on Keystone, the price of Canadian crude will go up for the U.S.

From Hot Air:
The damage is done. Even if President Barack Obama decides to approve the Keystone XL pipeline at some point in the future, he already sent a message to Canada that our northern neighbor can’t rely on us as its only energy customer — and Canadian prime minister Stephen Harper heeded it.

In an interview with former U.S. Rep. Jane Harman (D-Calif.) in D.C. yesterday, Harper explained that Canada will now seek to expand its export market to Asia and will also cease to supply oil to the United States at a discounted rate.
“Look, the very fact that a ‘no’ could even be said underscores to our country that we must diversify our energy export markets,” Harper told Harman in front of a live audience of businesspeople, scholars, diplomats, and journalists. …

Harper also told Harman that Canada has been selling its oil to the United States at a discounted price. So not only will America be able to buy less Canadian oil even if Keystone is eventually approved, the U.S. will also have to pay more for it because the market for oils ands crude will be more competitive.

We have taken a significant price hit by virtue of the fact that we are a captive supplier and that just does not make sense in terms of the broader interests of the Canadian economy,” Harper said.... "The United States cannot be our only export market.That is not in our interest, either commercially or in terms of pricing.”

“We cannot be, as a country, in a situation where our one and, in many cases, only energy partner could say no to our energy products. We just cannot be in that position.”

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