Start with average crude production in Canada with average crude production in Canada with average crude production in Canada reaching four point three eight million reaching four point three eight million reaching four point three eight million barrels of oil a day in 2015 there’s barrels of oil a day in 2015 there’s barrels of oil a day in 2015 there’s been a steady rise since the beginning been a steady rise since the beginning been a steady rise since the beginning of the 21st century with production of the 21st century with production of the 21st century with production averaging three point five to three averaging three point five to three averaging three point five to three point six million barrels a day since point six million barrels a day since point six million barrels a day since 2000 conventional oil production in 2000 conventional oil production in 2000 conventional oil production in Canada peaked in the 1970s but around Canada peaked in the 1970s but around Canada peaked in the 1970s but around the same time an alternative appeared the same time an alternative appeared the same time an alternative appeared commercial production of Alberta’s oil commercial production of Alberta’s oil commercial production of Alberta’s oil sands began in 1967 with the launch of sands began in 1967 with the launch of sands began in 1967 with the launch of the Great Canadian oil sands plant the Great Canadian oil sands plant the Great Canadian oil sands plant located in the northeastern city of Fort located in the northeastern city of Fort located in the northeastern city of Fort McMurray in the Athabasca oil sands McMurray in the Athabasca oil sands McMurray in the Athabasca oil sands region deposits of oil sands in Alberta region deposits of oil sands in Alberta region deposits of oil sands in Alberta have taken the country’s total proven have taken the country’s total proven have taken the country’s total proven oil reserves count to approximately a oil reserves count to approximately a oil reserves count to approximately a hundred and seventy-five billion barrels hundred and seventy-five billion barrels hundred and seventy-five billion barrels the equivalent to 13 percent of global the equivalent to 13 percent of global the equivalent to 13 percent of global reserves behind oil giant Saudi Arabia reserves behind oil giant Saudi Arabia reserves behind oil giant Saudi Arabia and Venezuela the challenge is that oil and Venezuela the challenge is that oil and Venezuela the challenge is that oil sands tends to produce heavy bitumen sands tends to produce heavy bitumen sands tends to produce heavy bitumen which fetches a far lower price than which fetches a far lower price than which fetches a far lower price than conventional crude only percent of conventional crude only percent of conventional crude only percent of proven reserves have been produced since proven reserves have been produced since proven reserves have been produced since 1967 and oil sands production is 1967 and oil sands production is 1967 and oil sands production is expected to peak in the next eight to expected to peak in the next eight to expected to peak in the next eight to ten years over seventy thousand wells ten years over seventy thousand wells ten years over seventy thousand wells have been drilled or spotted since 2005 have been drilled or spotted since 2005 have been drilled or spotted since 2005 and over 100 new worlds have drilled and over 100 new worlds have drilled and over 100 new worlds have drilled everyday in the Alberta province alone everyday in the Alberta province alone everyday in the Alberta province alone the cost of extraction are relatively the cost of extraction are relatively the cost of extraction are relatively high for the vast majority of Canada’s high for the vast majority of Canada’s high for the vast majority of Canada’s oil reserves so oil companies tend to oil reserves so oil companies tend to oil reserves so oil companies tend to direct their efforts into extracting direct their efforts into extracting direct their efforts into extracting crude deposits only in times of high crude deposits only in times of high crude deposits only in times of high commodity prices as a result the wide commodity prices as a result the wide commodity prices as a result the wide variations in price over the last decade variations in price over the last decade variations in price over the last decade have had a detrimental impact on have had a detrimental impact on have had a detrimental impact on Canada’s economy the oil price route Canada’s economy the oil price route Canada’s economy the oil price route that began in 2014 saw a drop in capital that began in 2014 saw a drop in capital that began in 2014 saw a drop in capital expenditure which cost 50,000 direct job expenditure which cost 50,000 direct job expenditure which cost 50,000 direct job losses and seventy-five thousand losses and seventy-five thousand losses and seventy-five thousand indirect even though oil and gas capital indirect even though oil and gas capital indirect even though oil and gas capital investment has remained a drag on the investment has remained a drag on the investment has remained a drag on the Canadian economy in 2016 the future has Canadian economy in 2016 the future has Canadian economy in 2016 the future has become a lot brighter become a lot brighter become a lot brighter the latest OPEC decision to cut the latest OPEC decision to cut the latest OPEC decision to cut production sent all prices up and has production sent all prices up and has production sent all prices up and has triggered an upward revision of prices triggered an upward revision of prices triggered an upward revision of prices for 2017 the recent US election outcome for 2017 the recent US election outcome for 2017 the recent US election outcome may also give an unexpected boost Donald may also give an unexpected boost Donald may also give an unexpected boost Donald Trump’s ambition is to stop imports from Trump’s ambition is to stop imports from Trump’s ambition is to stop imports from OPEC and take the us closer to OPEC and take the us closer to OPEC and take the us closer to self-sufficiency while this would not self-sufficiency while this would not self-sufficiency while this would not happen immediately any alternative to happen immediately any alternative to happen immediately any alternative to OPEC OPEC OPEC may well involve Canada oil may well involve Canada oil may well involve Canada oil infrastructure spend can also benefit infrastructure spend can also benefit infrastructure spend can also benefit from Trump’s plans the president-elect from Trump’s plans the president-elect from Trump’s plans the president-elect has said he would reopen the approval has said he would reopen the approval has said he would reopen the approval procedure for the controversial 1,100 procedure for the controversial 1,100 procedure for the controversial 1,100 mile Keystone XL pipeline between Canada mile Keystone XL pipeline between Canada mile Keystone XL pipeline between Canada and the US and early in December and the US and early in December and the US and early in December Ottawa gave the green light to two Ottawa gave the green light to two Ottawa gave the green light to two further major pipeline projects so further major pipeline projects so further major pipeline projects so should the market take more notice of should the market take more notice of should the market take more notice of Canada as a source of future crude oil Canada as a source of future crude oil Canada as a source of future crude oil production

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