RE:Oil supply it is my view the WEF want to push EU and americans into EV and price petroleum out to everyday consumers. At current situation, biden still refuse to re-instate XL keystone, offshore drilling while lifting trump's sanction on Nordstream 2 (which germany later halted completion). The democrat is willing to deal with iran, venezuela and begs the saudi for oil instead of canada on oil security. Even a 6 year old can be more logicial unless there is an agenda to all this.
Obscure1 wrote: I decided to split my post into two sections as the last one was getting very long.
The US imported 8.5 million barrels per day in 2021.
Canada is currently supplying about 4 million bpd.
Can Canada increase its exports to the USA? Yes.
Will Canada increase its export to the USA? It depends.
Will the USA decide it wants to buy more Canadian oil which means building pipelines, or will America decide to take over Venezuela?
IMO, the takeover of Venezuela makes a lot more sense for America as Venuzueala has oil that is easier to access (greener and cheaper) and ship.
The real question is what would be the cost of the US invading Venezuela?
We have seen what Russia is up against, but Russia remains undeterred as Putin obviously sees the big picture and is focused on food and energy supply.
America has a terrible track record of playing well with others, preferring the "bend em over the table" strategy. Unless America is prepared to play nice with Venezuela, which requires a proverbial "zebra changing its stripes" shift in strategy, I think it behooves America to work with Canada, at least in the short run.
While I have a deep respect for Experienced's posts, I don't agree with his comment about American having lots of oil left in the tank. I understand Experienced's comments about Canada's NEP warningss about running out of oil in 1974, but America really only has one expandable oil field (the Permian) unless it is prepared to open up Alaska. The opposition to turning Alaska into another Bakken will be enormous.
Canadian oil is the obvious solution to American oil needs from every perspective other than from ESG. As such, Canada needs to push forward as hard as it can towards reducing the carbon footprint of its tar sands and opening up production in the sands.
In order for Canada to do its thing, Biden has to back track on the KXL in order to show down the conversion to renewable energy process. Will he do that? I doubt it.
I'm not saying I'm right about Team CIR (China-India-Russia) vs Team Euro/America and the need to choose sides, or about the direction America will take with energy supply for the next 20 to 40 years, I just don't see any viable options. I think Europe will have no choice but to work with Saudi/OPEC for its energy needs until it doesn't.
The only reason that I'm putting myself through this agonizing process is that I think it is necessary to do so in order to create a road map for my investing strategy going forward.