Entretenimiento

Washington Post | Alberta Thrives Amid Oil Rally

Oil exports to the U.S. are also running high, prompting Alberta Premier Jason Kenney to say during a recent visit to Washington that the Canadian province could add 1 million bpd in new pipeline capacity over the next two years

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 109.7 -0.12 -0.11% Brent Crude • 10 mins 113.4 -0.16 -0.14% Natural Gas • 10 mins 9.203 +0.407 +4.63% Heating Oil • 10 mins 3.790 +0.009 +0.22% Gasoline • 10 mins 3.825 +0.014 +0.37% Louisiana Light • 1 day 112.9 +2.23 +2.02% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 1 day 112.9 +2.23 +2.02% Bonny Light • 1 day 118.0 +0.01 +0.01% Opec Basket • 1 day 115.0 -0.99 -0.85% Mars US • 19 hours 106.1 -0.42 -0.39% Gasoline • 10 mins 3.825 +0.014 +0.37% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Marine • 1 day 107.8 -1.50 -1.37% Murban • 1 day 110.5 -1.38 -1.23% Iran Heavy • 1 day 108.9 +0.11 +0.10% Basra Light • 176 days 71.69 -3.60 -4.78% Saharan Blend • 1 day 117.8 +0.87 +0.74% Bonny Light • 1 day 118.0 +0.01 +0.01% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 1 day 118.0 +0.01 +0.01% Girassol • 1 day 113.7 +0.41 +0.36% Opec Basket • 1 day 115.0 -0.99 -0.85% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 1 day 90.04 -1.09 -1.20% Western Canadian Select • 10 hours 95.67 -0.52 -0.54% Canadian Condensate • 10 hours 111.9 -0.52 -0.46% Premium Synthetic • 10 hours 110.2 -0.52 -0.47% Sweet Crude • 10 hours 108.1 -0.52 -0.48% Peace Sour • 10 hours 105.2 -0.52 -0.49% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 10 hours 105.2 -0.52 -0.49% Light Sour Blend • 10 hours 107.3 -0.52 -0.48% Syncrude Sweet Premium • 10 hours 110.9 -0.52 -0.47% Central Alberta • 10 hours 105.5 -0.52 -0.49% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Louisiana Light • 1 day 112.9 +2.23 +2.02% Domestic Swt. @ Cushing • 1 day 106.3 -0.50 -0.47% Giddings • 1 day 100.0 -0.50 -0.50% ANS West Coast • 2 days 115.9 +0.26 +0.22% West Texas Sour • 1 day 103.7 -0.52 -0.50% Eagle Ford • 1 day 107.7 -0.52 -0.48% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 1 day 107.7 -0.52 -0.48% Oklahoma Sweet • 1 day 106.3 -0.50 -0.47% Kansas Common • 1 day 100.0 -0.50 -0.50% Buena Vista • 2 days 113.8 +1.20 +1.07% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Products Discussion Headlines 30 mins Hungary Won’t Discuss Russia Oil Ban At Next Week’s EU Summit 45 mins Value Of Saudi Oil Exports Surged 123% In March As Prices Spiked 2 hours G7 To Consider Phasing Out Coal By 2030: Draft 3 hours U.S. Official Travels To India To Talk About Russian Oil Purchases 20 hours WTI Spikes On Large Draw In Gasoline Inventories 21 hours Aramco Can’t Add Oil Production Capacity Faster Than Promised 22 hours U.S. Oil Refiners Brace For Hurricane Season 23 hours UK Energy Bills Could Surge By Another 42% In October 23 hours UK Business Secretary: Windfall Tax On Utilities Could Hamper Net-Zero Push 24 hours Uzbekistan Restarts Gas Exports To China 24 hours Oil Production Halves At Kazakhstan’s Giant Kashagan Field 1 day Germany Prepares Coal-fired Backup If Russian Gas Stops 1 day Biden Considers Waiving Summer Gasoline Smog Rules To Help Ease Prices 1 day CEO Of Europe’s Top Utility: Power Generation From Gas Is “Stupid” 1 day High Commodity Prices Hit Middle East’s Oil Importers 1 day Petrobras Warns Diesel Shortage Is Looming Over Brazil 2 days American Drivers Set To Pay Record-High Gasoline Prices At Memorial Day 2 days Tensions Rise As Iraq Prepares To Usurp Kurdish Oil Contracts 2 days Eni, TotalEnergies Start Drilling Offshore Cyprus 2 days EV Sales Are Booming, But Battery Metals Remain A Problem 2 days U.S. Natural Gas Prices Rise As LNG Exports Reach 7-Week High 2 days IEA: Energy Crisis Shouldn’t Lead To Higher Reliance On Fossil Fuels 2 days Poland Terminates Deal To Receive Russian Gas 2 days China Boosts Solar Investments 5 days U.S. Natural Gas Prices Fall As Colder Weather Approaches 5 days EU Gives OK To Pay For Russian Gas In Rubles 5 days Heat Wave Tests the Limits Of Texas Power Grid 5 days Sanctions Force Foreign Executives At Rosneft To Quit 5 days Banks Rush To Assure Texas They Like Oil And Gas 5 days China Gobbles Up Any Spare Oil Barrels To Boost Inventories 5 days Americans Drive More Than Pre-Covid Despite Record Gas Prices 6 days President Biden Considers Meeting Saudi Crown Prince As Oil Prices Soar 6 days Refinery Explosion And Fire Threatens Supply In South Korea 6 days How Allegations Of Bullying And Abuse Caused A Slump In Canadian Oil Trading 6 days Shots Fired As Protesters Fail To Stop Oil Tanker From Loading In Libya 6 days Gas Stations In Washington State Are Running Out Of Fuel 6 days Soaring Energy Imports Put Japan’s Economy Under Pressure 6 days U.S. Shale Merger Creates A New $7 Billion Giant 6 days The U.S. Is Considering Sanctioning Countries That Buy Russian Oil 6 days Gasoline Price-Gouging Bill Passes The House 4 minutes “Natural Gas Trading Picks Up Considerably Amid High Volatility” by Charles Kennedy – …And is U.S. NatGas Futures dramatically overbought at the $6.35 range? 8 minutes How Far Have We Really Gotten With Alternative Energy 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ? 3 hours GREEN NEW DEAL = BLIZZARD OF LIES 6 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World. 1 day “Russia will stop ‘in a moment’ if Ukraine meets terms – Kremlin” by Reuters via Yahoo News…but Reuters suddenly cut out the balanced part of the story. 3 days What China is Learning from Russia‘s War in Ukraine and its Consequences 20 hours Advancing Fundamental Drilling Science – Geothermal drilling successes offer potential gain for petroleum industry 2 hours The World Economic Forum (WEF) – Davos 2022 Conference held this last week of May Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Hungary Won’t Discuss Russia Oil Ban At Next Week’s EU Summit

Find us on:

Poland Says Norway Should Share Its “Gigantic” Oil & Gas Profits Norway, western Europe’s largest oil…

Afghanistan Can’t Pay Its Biggest Electricity Suppliers Sanctions against the Taliban government…

Saudi Aramco Plans To Take Its Trading Arm Public Saudi Aramco, taking advantage of…

Home Energy Energy-General Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Share Facebook Twitter Linkedin Reddit Premium Content Alberta Thrives Amid Oil Rally By Charles Kennedy – May 25, 2022, 11:00 AM CDT Canada‘s no.1 oil province Alberta has reported a solid 5.6% growth in GDP in 2021. Canadian oil exports to international markets hit a record this year. Oil transport infrastructure shortages have been the main reason for the relatively stunted growth of the oil and gas industry. Join Our Community Just five years ago, Alberta, Canada‘s oil heartland, was a rather depressed place as its main industry—oil and gas—struggled with the pressure of discount oil prices because of a pipeline shortage and tons of red tape stifling new projects. Now, Alberta is booming. Canada is currently growing at the fastest rate in the G7 group, Bloomberg reported this week, adding that job creation in Alberta is expected to be the highest in the country this year. Indeed, Alberta‘s economy alone is seen expanding at a rate topping the G7 and most other developed countries, at 5.6 percent.

“Overall, we are forecasting solid gross domestic product (GDP) growth for the province and that’s beneficial and it ripples across the economy,” said ATB’s deputy chief economist Rob Roach last week, as quoted by CBC. “It might mean that you are able to find a job but when you go to the grocery store, food prices are getting higher because of inflation. There is a give and take.”

The natural resources sector will be the driver of this growth, Roach added, saying, “We had a good 2021 and it looks like we will probably lead the country in GDP growth this year, because of those high commodity prices helping give us that extra boost.”

Post-pandemic energy demand recovery is one reason behind this growth spurt, as it is across most of the world. Another is the energy crunch that the war in Ukraine—and the sanctions that the West promptly imposed on Russia—kickstarted in a world already short of the oil and gas it needs.

Related: Value Of Saudi Oil Exports Surged 123% In March As Prices Spiked

Canadian oil exports to international markets hit a record this year after a pipeline’s flow was reversed to respond to strong demand for the commodity from other markets besides Canada‘s biggest one to the south. Line 3 was also completed this year, adding more pipeline capacity to a country struggling for years with insufficient capacity for shipping its crude abroad.

Oil exports to the U.S. are also running high, prompting Alberta Premier Jason Kenney to say during a recent visit to Washington that the Canadian province could add 1 million bpd in new pipeline capacity over the next two years.

“With political will from Washington, we could also get another major pipeline built that would forever allow the United States to free itself from imports from hostile regimes,” Kenney told the Senate energy and natural resources committee.

Alberta, then, seems ready and willing to supply the world with more oil. The federal government, however, is not so ready or willing. The federal government has an energy transition agenda, which sees the contribution of the oil and gas industry declining as the country moves towards a more renewable energy-focused future. And it has been doing its best to curb this contribution already.

Canada could be supplying more energy to the world if we’d gone ahead with a few projects. And that’s one of the things that frustrates people in Alberta quite dramatically,” Deborah Yedlin, chief executive of the Calgary Chamber of Commerce, told Bloomberg. “We should be more of a global player, and we’re not because we don’t have enough infrastructure.”

Indeed, oil transport infrastructure shortages have been the main reason for the relatively stunted growth of the industry in the past few years while demand has been on the rise. LNG export terminals have also failed to really take off in Canada, which, besides oil, also have substantial natural gas reserves. And Alberta is diversifying away from oil.

The share of the oil and gas industry has declined substantially in the past 20 years, going from a record 32.6 percent in 2005 to 22.1 percent just four years later. But even though it is a smaller absolute contributor, the industry has continued to be the main driver behind Alberta‘s—and by extension Canada‘s—economic growth.

This is not about to change soon, given the fundamentals in oil and gas right now, Macdonald-Laurier Institute senior fellow Heather Exner-Pirot wrote in a recent column for the Edmonton Journal.

Despite all the renewable energy transition ambitions of the federal government, she wrote, Canada is, in fact, exporting record amounts of oil and bitumen, and the uses for this oil are so many that even when the current market imbalance disappears, demand for oil will remain robust. But while the market imbalance lasts, Exner-Pirot noted, the government might consider retraining coders for drillers instead of the other way round.

That reports of the oil industry’s death have been greatly exaggerated has been made clear more than once since the energy transition push really got going. Canada‘s current renaissance, although not without its problems such as shortages and substantial inflation, is simply the latest proof that the world continues to need growing, rather than falling, amounts of fossil fuels.

By Charles Kennedy for Oilprice.com

More Top Reads from Oilprice.com:

Gasoline Prices Are Set To Spike This Week Oil Markets Are Bracing For A Slew Of Bullish News World Sees First Global Energy Shock: World Energy Council  

Download The Free Oilprice App Today