The other evening after dinner at a local restaurant, Pamela and I stopped at the restaurant's bar for a drink. Next to Pamela was a gentleman from about 200 miles north of Toronto. Pamela and I vacationed in the Canadian Rockies two summers ago; it was one of those dream vacations and we told him how beautiful western Canada was and how wonderful the people were.
We also talked about how amazed we were when we flew into Calgary. There was an obvious economic boom occurring--all attributed to oil. There were new highways, high-end housing developments and new businesses opening up everywhere. That is the same oil now awaiting delivery via the Keystone Pipeline. Because there is so much oil and they can't get it to a port with the Keystone Pipeline being held up by the Obama Administration, economically Canada is no longer in the best shape. They have billions and billions of dollars’ worth of oil with no place at the present for it to go. The Canadians thought that their oil reserves would be an economic boom for both the US and Canada, but that didn't happen.
The US talks about no longer being dependent on foreign oil, but unless that oil is going to magically appear in our gas tanks, it looks like our dependency on oil from the Middle East will continue. The Canadians are now looking to build a pipeline to eastern Canada; however, they really need either our west coast or the Gulf of Mexico. Their oil needs to get to China and India if it's not going to the US. Maybe if the current Administration can figure out a way to tax the new oil, the Keystone Pipeline will become a reality and our friends to the north will once again look at us more favorably.
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