Canada Looks West for Oil Customers
Canadian Prime Minister Stephen Harper is on a mission to sell Canadian oil. The administration's rejection of the Keystone XL pipeline isn't stopping him from hunting for new customers. Next month, he'll visit China to talk with leaders.
Richard Waugh, chief executive officer of Bank of Nova Scotia told Bloomberg:
The Keystone ruling shows that we need to diversify away from the U.S. to Asia. The Prime Minister appreciates that and it is no doubt a key purpose of his trip.
Canadians understand this and have become more receptive to moving oil sands crude west.
This should be a warning shot to Washington. Canada isn't waiting for American politics to settle on if or when the Keystone XL pipeline will be built.
Who will buy that oil isn't a zero sum game. There is billions of barrels available. A pipeline to the Pacific would not preclude a pipeline south to the United States.
While Washington dithers and misses out on thousands of jobs and increased energy security, Canada searches for more customers.