Looking at the chart, China was buying virtually ZERO oil from Canada... so it's not hard to increase oil purchases by 700% vs. nearly zero.
China is now buying about 7 Million barrels per month from Canada, which is roughly 233,000 bpd. Large oil tankers can hold 2 million barrels of oil, so that's only about 1 full tanker load per week. That's still a lot.
Keep in mind that it's mostly Alberta oil sands crude, which is expensive to transport to the Gulf Coast refineries or to Eastern Canada. It actually makes economic sense for that oil sands crude to go West to China. There were reports from years ago where Canada was building up the dock capacity and pipelines for shipping that oil to China. It was intended beginning at least 4 or 5 years ago.
Overall, it's not a bad thing. The U.S. has other customers for our better quality crude oil.
It is kind of like the hyper-exagerrated headlines that "Major Chain Store is Closing Over 50 locations!" when they have 10,000. Meant to plant a mind seed of "SEE,SEE? The other side is BAD! You need us (back) in power to fix it (even though we probably had a hand in causing it) or it just makes sense.
(I saw one like this the other day for Subway. There were two locations on the same street that were less than 1/2 mile from each other. One was closed and should have been.)
Good. The less US oil we sell, the more likely we end up being the last country with oil on hand.
Well, of course. The capital of Canada is Peking.
Looking at the chart, China was buying virtually ZERO oil from Canada... so it's not hard to increase oil purchases by 700% vs. nearly zero.
China is now buying about 7 Million barrels per month from Canada, which is roughly 233,000 bpd. Large oil tankers can hold 2 million barrels of oil, so that's only about 1 full tanker load per week. That's still a lot.
Keep in mind that it's mostly Alberta oil sands crude, which is expensive to transport to the Gulf Coast refineries or to Eastern Canada. It actually makes economic sense for that oil sands crude to go West to China. There were reports from years ago where Canada was building up the dock capacity and pipelines for shipping that oil to China. It was intended beginning at least 4 or 5 years ago.
Overall, it's not a bad thing. The U.S. has other customers for our better quality crude oil.
It is kind of like the hyper-exagerrated headlines that "Major Chain Store is Closing Over 50 locations!" when they have 10,000. Meant to plant a mind seed of "SEE,SEE? The other side is BAD! You need us (back) in power to fix it (even though we probably had a hand in causing it) or it just makes sense.
(I saw one like this the other day for Subway. There were two locations on the same street that were less than 1/2 mile from each other. One was closed and should have been.)
Controlling this huge security risk is but one of many reasons why President Trump rightly wants Alberta as the 51st state.
When Alberta becomes the 51st state, this will all swing back.
And Canada will be buying oil from the U.S. too.