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Lecture 8

POL318-Lecture 8-2011.docx

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Department
Political Science
Course
POL101Y1
Professor
Steven Clarkson
Semester
Fall

Description
Lecture 8 Clarkson & Mildenberger - Supporting US Energy Security Most Countries dependent on foreign sources for an essential commodity (oil) rely on the global marketplace, which can be volatile. Logistics: North America’s Oil and Natural Gas Supplies • In 2010, US consumer 19.1 million barrels of petroleum products per day (highest in world) rd • US is 3 largest crude oil producer, but its domestic production only satisfies 51% of its need. • Since 1973 (OPEC crisis), US imports of oil & petroleum products from Canada and mexico have increased dramatically. • Canada is the largest supplier of oil to the US (25% of all imports), Mexico is 5 largest supplier (9%). Petroleum Reserves • The periphery (Canada/Mexico) currently provides the US with 1/3 of its petroleum imports. This is dependent on the quantities available and the costs in bringing them to market. • North America accounts for 15% of total proven oil reserves worldwide (85% of which is in Canada, trapped in tar sands). • Costs of extracting oil from tar sands is high, which may limit Canada’s construction of US energy. • Environmental concerns are another obstacle with tar sands. Natural Gas • Fastest growing component of worldwide energy consumption (cleaner/more conventional than oil) • US consumption just under 21% of global total. They don’t produce enough for domestic needs, need to import between 13%-16%. • Shipping of Natural gas requires special transport containers (Liquid Natural Gas terminals) • Canada has long been US primary foreign natural gas supplier • UK and Netherlands were leading foreign investors in US petroleum & natural gas industry in 2000, Canada followed as 3 largest investor. Policy construction of North America’s Energy Markets • US economic strength and security heavily dependent on exports of its periphery (Canada, Mexico) • When Alberta tar sands were discovered, American TNCs provided investment capital and technology. US gov’t also relax
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