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Canada Moves Closer to Supplying China with Oil Following New Agreement

OilPrice.com -- Canadian Prime Minister, Stephen Harper, is currently on a visit to China in order to boost cooperation in many key areas between the two countries. The first step towards this goal was made on Tuesday when an agreement was signed between himself and his Chinese counterpart, Wen Jinbao, to increase bilateral investment and promote energy exports to China.

"Diversifying our markets is a key priority for Canada," Harper said in his opening remarks to Wen. "We look forward to expanding our cooperation in many important areas, including energy, natural resources, tourism and education."

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Submitted Feb 09, 2012 By: NOTSOGRN

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SkyWarnTX All-Star Author Texas Posts:945 Points:56,845 Joined:Jan 2012	Message Posted: Feb 9, 2012 8:46:40 PM Ignore SkyWarnTX Report Abuse GOOD... TAR SANDS is not OIL... we have a GLUT of GASOLINE... BIG OIL is selling U.S. out... . The U.S. Oil Companies are EXPORTING REFINED GASOLINE to OTHER COUNTRIES... http://www.usatoday.com/money/industries/energy/story/2011-12-31/united-states-export/52298812/1 ...The U.S. Oil Companies are all SIMULTANEOUSLY shutting down REFINERIES due to the GLUT of REFINED GASOLINE in AMERICA as they are still EXPORTING REFINED GASOLINE to OTHER COUNTRIES... U.S. is TOP Exporter of REFINED GASOLINE even as Prices at the Pump Increase... In 2011, U.S. refiners exported 117 million gallons per day of gasoline, diesel, jet fuel and other petroleum products, to other countries... up from 40 million gallons per day a decade earlier. There's at least one domestic downside to America's growing role as a fuel exporter. Experts say the trend helps explain why U.S. motorists are paying more for gasoline. The more fuel that's sent overseas, the less of a supply cushion there is at home. Gasoline supplies are being exported to the highest bidder, says Tom Kloza, chief oil analyst at Oil Price Information Service. "It's a world market," he says. Refining companies won't say how much they make by selling fuel overseas. But analysts say those sales are likely generating higher profits per gallon than they would have generated in the U.S. Otherwise, they wouldn't occur. [Edited by: SkyWarnTX at 2/9/2012 8:48:31 PM EST]
car253 Champion Author Ohio Posts:4,646 Points:1,130,620 Joined:Oct 2008	Message Posted: Feb 9, 2012 7:52:25 PM Ignore car253 Report Abuse VomVom is correct, there is no viable alternative to fossil fuels and I bet 50 years from now there still will not be any.
VomVom Champion Author Calgary Posts:2,454 Points:1,292,550 Joined:May 2007	Message Posted: Feb 9, 2012 7:49:21 PM Ignore VomVom Report Abuse Venzadriver of Florida. You got to give it a rest. Do you know how much algae you have to farm and harvest to replace one barrel of oil? Right now there is no viable alternative to fossil fuel. And there is not going to be any for decades to come.
TomT2Lee Champion Author Cincinnati Posts:4,217 Points:1,265,845 Joined:Sep 2005	Message Posted: Feb 9, 2012 7:48:40 PM Ignore TomT2Lee Report Abuse Just like the Romans, the empire is coming down....
VomVom Champion Author Calgary Posts:2,454 Points:1,292,550 Joined:May 2007	Message Posted: Feb 9, 2012 7:45:32 PM Ignore VomVom Report Abuse Hey, Man from Mars is spreading false information again.
Lugi1967 Champion Author Ohio Posts:3,122 Points:649,145 Joined:Jun 2010	Message Posted: Feb 9, 2012 6:18:59 PM Ignore Lugi1967 Report Abuse We are missing the boat
playtimeCLE Champion Author Cleveland Posts:6,470 Points:1,185,625 Joined:Nov 2008	Message Posted: Feb 9, 2012 5:48:10 PM Ignore playtimeCLE Report Abuse I'm sure in good time a pipeline will be built in the right place. but for now Canada has oil to move. [Edited by: playtimeCLE at 2/9/2012 5:51:44 PM EST]
Martinman Champion Author Mississippi Posts:12,512 Points:1,739,070 Joined:Sep 2005	Message Posted: Feb 9, 2012 4:03:14 PM Ignore Martinman Report Abuse "... when an agreement was signed between himself and his Chinese counterpart, Wen Jinbao, to increase bilateral investment and promote energy exports to China...." . What - Harper's going to spend more time prostituting Canadian natural resources to the Chinese? This is nothing more than politico-speak saying, we agreed to keep talking. In one sense, it's like the girl in high school that tried to make you jealous by going-out with the jock at the rival high school, when your friends all thought she was going to go out with you. The Chinese have become very adept at playing the "Capitists" game - outside of China. When they want something, they'll come knocking on your door. "Don't call us, we'll call you..." They've learned very well from their "association" with WalMart. Realize that Canada currently plans to more than double their tar sands production to more than 3.3mbpd in the next 7-8 years, and has producer commitments to produce ~5.1mbpd if all planned production is completed. That's more than the U.S. can absorb, even if Canada became our only supplier - unless an extensive network of pipelines from Alberta to the east AND west coasts are also added. [Edited by: Martinman at 2/9/2012 4:05:57 PM EST]
Venzadriver Champion Author Florida Posts:1,028 Points:290,150 Joined:Dec 2010	Message Posted: Feb 9, 2012 1:14:54 PM Ignore Venzadriver Report Abuse We should switch to algae-based bio-fuels.
TruthMatters All-Star Author New Jersey Posts:928 Points:200,645 Joined:Oct 2011	Message Posted: Feb 9, 2012 12:42:50 PM Ignore TruthMatters Report Abuse A step in the right direction in terms of trade imbalance.
PuddinPal Champion Author California Posts:1,240 Points:310,665 Joined:Dec 2008	Message Posted: Feb 9, 2012 12:38:54 PM Ignore PuddinPal Report Abuse We told Canada that we didn't want their oil so they found another buyer. I guess that Canada didn't hate us enough to be considered a source of oil for the American progressive leadership. We love buying our oil from people that hate us, it's so much fun.
nds76 Champion Author Michigan Posts:4,972 Points:1,121,445 Joined:Mar 2006	Message Posted: Feb 9, 2012 12:18:08 PM Ignore nds76 Report Abuse It's an election year and this administration doesn't wanna lose support of those whacked environmentalists.
vmholladay Champion Author Reading Posts:1,045 Points:321,295 Joined:Apr 2011	Message Posted: Feb 9, 2012 12:14:07 PM Ignore vmholladay Report Abuse SMH - well, they have oil and want to sell it, but US would rather be robbed by the middle east
PaladinYWG Rookie Author Winnipeg Posts:44 Points:739,080 Joined:Sep 2008	Message Posted: Feb 9, 2012 12:12:43 PM Ignore PaladinYWG Report Abuse Canada has to export oil to somewhere ... America pefers to buy oil from the middle east and support their terrorists, so what are your good neighbours & bff to do. (They haven't burnt your White House down lately, & it's almost 200 years since the last time they did and it dowsn't look like they will be back for a re-enactment).
kzrooster All-Star Author Kalamazoo Posts:600 Points:157,345 Joined:Nov 2011	Message Posted: Feb 9, 2012 12:11:59 PM Ignore kzrooster Report Abuse It is a sad day when Canada and the United States don't work together - sad day.
BigTruc Veteran Author Memphis Posts:478 Points:568,135 Joined:Jul 2004	Message Posted: Feb 9, 2012 11:37:12 AM Ignore BigTruc Report Abuse that's bad.
bigmoo63 All-Star Author Kalamazoo Posts:883 Points:56,540 Joined:Nov 2009	Message Posted: Feb 9, 2012 11:34:08 AM Ignore bigmoo63 Report Abuse Hey they need to find a buyer. And if this country turns their back, they have a right to find someone. Cant fault them for that.
TripleHs Champion Author Austin Posts:1,837 Points:597,455 Joined:Oct 2009	Message Posted: Feb 9, 2012 11:11:12 AM Ignore TripleHs Report Abuse any surprise?
Buckeyee Champion Author Maine Posts:2,422 Points:557,655 Joined:May 2010	Message Posted: Feb 9, 2012 11:03:58 AM Ignore Buckeyee Report Abuse I can't fault Canada for looking for another buyer of its products. China will be a dependable buyer, unlike the Obama America.