STUDY: North American Oil Sands - History of Development, Prospects for the Future (CRS)

When it comes to future reliable oil supplies, Canada’s oil sands will likely account for a greater share of U.S. oil imports. Oil sands account for about 46% of Canada’s total oil production and oil sands production is increasing as conventional oil production declines. Since 2004, when a substantial portion of Canada’s oil sands were [...]

Myth vs. Fact: Canadian Oil Sands will Have no Effect on US’s National Security Interests

Myth

Shutting in Canadian oil sands will have no effect on those unstable regimes that seek to harm the United States’ national security interests.

Fact

The Council on Foreign Relations has concluded that production from Canada’s oil sands could weaken such states by displacing their production and driving down prices.

Myth vs. Fact: US does not need Oil Sands; American Oil Imports are Decreasing

Myth

Oil sands crude will do little to nothing to enhance U.S. energy security because the output is already slated for export outside of North America.

Fact

Oil is sent where there is demand and according to EIA projections, the United States will continue to have a significant need for oil in the foreseeable future.

Myth vs. Fact: Few American Multinationals will Benefit from Canadian Oil Sand

Myth

Only a few large American multinationals will benefit from Canadian oil sands production.


Fact

At least 2,400 American companies from 49 states are already involved in the development of Canada’s oil sands.