Canada Could Turn to China Instead of US for Oil Exports

Canada Might Turn to China Instead of the United States for Its Oil Exports Following the Keystone XL Pipeline Rejection - Image from Google

Perhaps President Barack Obama’s decision to reject the Keystone XL pipeline recently has caused the United States to lose a potential business partner – Canada – to a competitor that already is outdoing the United States in the green technology race – China. Maybe the pipeline rejection just gave America, which essentially lost the opportunity to create new U.S. jobs as well, another strike on the green game board.

The government of Canada, under Prime Minister Stephen Harpera, actually said he was disappointed with Obama’s decision to reject the $7 billion TransCanada Keystone XL pipeline effort that could have generated jobs and made North America more independent of foreign oil. As a result, a chance exists that Canada could do business with China instead, turning to that nation for oil exports, said U.S. House Speaker John Boehner, of Ohio.

“The president has said he’ll do anything that he can to create jobs,” Boehner said. “Today that promise was broken. The president won’t stand up to his political base, even in the name of creating American jobs.”

TransCanada said it still plans to move forward with the pipeline project, aiming to re-apply for a presidential permit so that the projected project in-service date of late 2014 will go as planned. However, Canadian Natural Resource Minister Joe Oliver also said depending less on the United States actually could give Canada more financial stability. Canada currently allows 99 percent of its oil exports to go to the United States, but Canada is striving to change that by diversifying its export recipients and expanding globally.

“(The) decision by the Obama administration underlines the importance of diversifying and expanding our markets, including the growing Asian market,” Oliver said.

If approved, the Keystone XL pipeline would have connected Alberta to Gulf of Mexico refineries. The route of the pipeline would have covered 1,700 miles and sparked several concerns about the pipeline project’s potential negative impacts on the environment.

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