Energy security will be key to U.S. government's decision on approval of the Keystone XL pipeline, Suncor Energy CEO Rick George told a New York audience Thursday.
"I think energy security will trump in regards to the Keystone XL pipeline," George said at a luncheon sponsored by the Consulate General of Canada and the Alberta government.
George said he visited Washington earlier in the week but had no inside knowledge of the matter. He said crude that would travel down TransCanada Corp.'s proposed Keystone XL pipeline would displace oil from Mexico, Venezuela and Saudi Arabia.
"This is a very important source for the U.S.," he said.
George stressed the strong relationship between Canada and the United States, which shares one of the world's largest unfortified borders, and the political stability of Canada.
Canada is already the larg-est exporter of crude to the United States, sending 2.5 million barrels of oil and oil products across the border in 2009, according to U.S. government data. The permit for Keystone XL is now facing opposition from environmentalists in both countries. The U.S. State Department is currently considering whether to issue a permit for the Keystone project.
Originally, the Cushing, Okla.-to-U.S. Gulf Coast leg of the pipeline was expected to be completed by 2013.
U.S. refiners on the Gulf Coast are looking for the pipeline to move out some of the crude oil locked in storage at Cushing to their refineries.
George said Alberta may see its oilsands reserves double with the use of new technology. The estimated 173 billion barrels of reserves in the province is "low," he said.
"With new technology, that number could double."
Canada holds the world's third-largest crude reserves, behind Saudi Arabia and Venezuela, according to the Canadian Association of Petroleum Producers.
Source: http://www.vancouversun.com
"I think energy security will trump in regards to the Keystone XL pipeline," George said at a luncheon sponsored by the Consulate General of Canada and the Alberta government.
George said he visited Washington earlier in the week but had no inside knowledge of the matter. He said crude that would travel down TransCanada Corp.'s proposed Keystone XL pipeline would displace oil from Mexico, Venezuela and Saudi Arabia.
"This is a very important source for the U.S.," he said.
George stressed the strong relationship between Canada and the United States, which shares one of the world's largest unfortified borders, and the political stability of Canada.
Canada is already the larg-est exporter of crude to the United States, sending 2.5 million barrels of oil and oil products across the border in 2009, according to U.S. government data. The permit for Keystone XL is now facing opposition from environmentalists in both countries. The U.S. State Department is currently considering whether to issue a permit for the Keystone project.
Originally, the Cushing, Okla.-to-U.S. Gulf Coast leg of the pipeline was expected to be completed by 2013.
U.S. refiners on the Gulf Coast are looking for the pipeline to move out some of the crude oil locked in storage at Cushing to their refineries.
George said Alberta may see its oilsands reserves double with the use of new technology. The estimated 173 billion barrels of reserves in the province is "low," he said.
"With new technology, that number could double."
Canada holds the world's third-largest crude reserves, behind Saudi Arabia and Venezuela, according to the Canadian Association of Petroleum Producers.
Source: http://www.vancouversun.com
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