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In addition to the Ukraine conflict, McTeague cited the move toward green energy policies that has restricted oil production. He pointed specifically to cancellation of energy pipeline construction in recent years.
“Green policies have stifled gas production,” he said.
“We live in a world where demand for fossil fuels is increasing, but people are saying we should make do with less. We cannot shut down gas plants and switch to windmill and solar power. So the world is hanging by a thread and then Putin causes a war.”
The Keystone XL pipeline was blocked by the U.S. government and several smaller pipeline projects have been cancelled in Canada.
There are, however, about 70 pipelines that cross the Canada-U.S. border – 31 carrying oil and 39 natural gas – totalling about 840,000 kilometres in length, according to Natural Resources Canada.
And two other major pipelines, Trans Mountain and Coastal GasLink, are under construction in Western Canada, but the energy industry has been calling for more pipelines to be built in Canada.
Canada produces about 4.5 million barrels of oil a day, exports about 3.8 million a day to the U.S., and has capacity to double that production, McTeague said.
The U.S. consumes more than 20 million barrels of oil a day, and imports about eight million barrels.
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