Trudeau: ‘No Country (Canada) Would Find 173 Billion Barrels of Oil in the Ground and Leave Them There’

January 16, 2024/in /by Rudolf Huber

So Biden thought that canceling Keystone XL would force Canada to leave its oil in the ground. But markets always look for a release valve and if the most sensible, the most obvious one is not available anymore, second best and third best will do. This Canadian oil would have done very well in the refinery system on the USGC and would have made cutting the ultra-sweet shale oil towards grades that are more suited to current toolsets easier. Maybe now refineries will rethink and retool so they don’t need to cut stock anymore. That’s not what Biden intended but it might make the US more resilient in the end.

Trudeau: 'No Country (Canada) Would Find 173 Billion Barrels of Oil in the Ground and Leave Them There' - Circa March, 2017 - Watch it Here

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