Canada’s Got Oil, But What Are We Going to do With It? | The Motley Fool

Canada is the sixth largest producer of oil and ranks third in the world for total proven reserves, mostly thanks to Alberta’s oil sands.  This oil rich area of Canada now accounts for approximately 98% of Canada’s proven oil reserves.

Nearly all of the oil exported by Canada is targeted to our neighbor to the south, the United States. Though we are tight trading partners, sending oil primarily to the United States may not be the best long-term solution.  According to the International Energy Agency, the U.S. will become the world’s largest oil producer before the year 2020 and demand for imported oil is expected to diminish.

via Canada’s Got Oil, But What Are We Going to do With It? | The Motley Fool.