Impact of U.S. Oil Boom on Canada

It is quite clear that the United States has been dependent on several European countries and Canada for oil; however, in November 2013, the International Energy Agency (IEA) reported that the U.S. produced oil than it imported and has become a candidate to become the largest oil producer. Because United States, Canada’s sole oil customer, has become self-sufficient, it is quite likely that the U.S. will not require Canadian oil as well, similar to the case with sixteen oil refiners in Europe. If trade relations between Canada and U.S were to end, there will be detrimental impacts on the ways the Canadians live as the U.S. provides us with money to fund critical institutions in Canada.

My takeaway is that although the new pipelines proposes some risks, they will be key solutions to this problem. The new pipelines will create job opportunities and develop economy in Canada.

Work Cited:

Cooper, Sherry. “The American Oil Boom and Its Impact on Canada.”Financial Post Business The American Oil Boom and Its Impact OnCanada Comments. Financial Post, 9 Mar. 2012. Web. 10 Sept. 2014. <http://business.financialpost.com/2012/03/09/the-american-oil-boom-and-its-impact-on-canada/>