HOUSTON, TEXAS -- (Marketwire) -- 03/06/13 -- The Honourable Joe Oliver, Canada's Minister of Natural Resources, today delivered a keynote address at the IHS Cambridge Energy Research Associates Annual Executive Conference in Houston, Texas.
"The Canada-U.S. energy relationship is the single most important bilateral energy relationship in the world, with Canada remaining the largest source of secure, stable and environmentally responsible oil for the United States," said Minister Oliver. "Ongoing development in Canada's oil sands is already supporting tens of thousands of jobs on both sides of our shared border. With infrastructure such as Keystone XL, that number would grow."
Minister Oliver highlighted the choice that Americans face: either buy low-cost Canadian oil from a friend and ally with a robust environmental protection regime or purchase more expensive oil from less-stable suppliers with weaker environmental protection regimes.
Canada has a record of environmental stewardship, with oil sands greenhouse gas (GHG) emissions per barrel decreasing by 26 percent from 1990 to 2010. Canada has aligned its goals on greenhouse gas emissions with the United States, calling for a 17 percent reduction by 2020. It is estimated that we are already halfway toward meeting our target. In 2010, the oil sands accounted for 0.1 percent of global GHG emissions - less than half of the emissions originating from coal-fired electrical plants in Illinois. While Canada has increased environmental protections, that work continues.
"Canada has announced our intentions to be one of the first major suppliers to the U.S. to regulate GHG emissions from our oil and gas sector," said Minister Oliver. "The exports that would come from Canada under these regulations would displace heavy oil imported from other countries, like Venezuela, that have no GHG regulations."
While in Houston, the Minister will also meet with Daniel Poneman, Deputy Secretary for the U.S. Department of Energy, to discuss Canada's bilateral relationship with the United States, our ongoing energy partnership and our mutual commitment to environmental stewardship.
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