The U.S. State Department’s decision to delay a ruling on TransCanada Corp. (TRP)’s Keystone XL pipeline increases the pressure on Canada to find a way to sell its oil to countries beyond the U.S.
Currently, 99 percent of Canada’s crude exports go to the U.S., a figure that Prime Minister Stephen Harper wants to reduce in his bid to make Canada a “superpower” in global oil markets.
“The energy superpower vision of the prime minister can’t be realized if we can’t get the product to market,” said Portland Investment Counsel fund manager James Cole, who oversees C$600 million ($590 million) at Portland Investment Counsel in Calgary and owns shares in Suncor Energy Inc. (SU)
Enbridge Inc. (ENB), which operates Canada’s largest oil pipeline system, and Kinder Morgan Inc. are proposing expansions to the Pacific coast so Canada can ship crude to Asian countries.
DOES OBAMA THINK THE USA WILL BE BETTER OFF IF ASIA GET'S CANADA'S OIL?
IF SO, THEN HE IS AN IDIOT. IF NOT, THEN HE IS A TRAITOR.
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