Don’t forget Russia too. And Trump is pushing Canadian oil to other markets. There’s no rhyme or reason to it, other than what I heard Mallers speak about today. Trump wants a crisis, to force Powell’s hand to print and devalue USD.
Discussion
Not outside the realm of possibility. In the meantime oil companies will shutter some production.
Canada cannot get 3-4 million barrels per day to the coast, even if they had a buyer. Likely years before they could do that.
I agree. I believe this little episode may provide the motivation needed to get Canadians to start building again.
I'm shocked when they lost the keystone pipeline under Biden they didn't start building one west.
They twinned an existing line, but Trudeau put a tanker moratorium on the NW coast where the NW gateway pipeline would have gone. It had widespread support from First Nations along the route, western political leaders, and Canadians.
We are moving into a new global arrangement. The U.S. can no longer afford to be an imperialist nation. The neoliberal order is going to be dismantled and Nationalism and entrenchment will unfold.