This news struck me as odd since it seems that gas prices rise and fall according to which side of the bed an oil shiek woke up on this morning in Saudi Arabia. Turns out, however, that the single largest exporter of crude oil to the U.S. is Canada, our friendly neighbor to the north. In the first half of 2005 Canada exported an average of 1.5 million barrels of oil per day to the U.S., which beat out Mexico's average of 1.57 mbpd and Saudi Arabia's 1.53 million. Major investments in Canada are currently being made in the area of oil sands, which is a mixture of sand, clay, water and bitumen, that when rigorously treated returns a relatively small percentage of crude oil suitable for refinement. These investments, driven by the rising price of crude, will supposedly allow Canada to produce a total of 3.9 mbpd by 2015 and 6 mbpd just from sands oil production by 2030. All of this sounds like good news for those HUMMER owners out there with "For Sale" signs in their hands right now.
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