The United States imports 8.4 million barrels of oil and
petroleum products a day to help meet its energy needs.
Canada is the largest supplier to the U.S., providing
more than 2.4 million barrels a day – more than 1/4 – of
these imports. Canada has the third largest oil reserves
in the world, with over 175 billion barrels of oil within
Much of Canada’s oil is located in geologic
formations that are a mixture of sand, water, clay and
heavy, thick oil called bitumen. These natural formations
are called oil sands.
Canada sends more than 99
percent of its oil exports to the United States, the bulk
of which goes to Midwestern refineries for refining and
processing. Increasing imports from Canada is good for
our economic, national and energy security.
The planned 1,700 mile Keystone XL pipeline can
transport up to 830,000 barrels of oil a day, or half of
what we currently import from the Persian Gulf to U.S.
refiners. The pipeline has been thoroughly reviewed for
more than four years and has strong support from labor
and a growing group of bipartisan members in Congress
who see the benefits of getting more energy from
Canada. It only awaits the President’s approval.
Approving the pipeline will not only bring more oil from
Canada, but will also pick up a significant amount
of domestic production. Twenty-five percent of the
pipeline’s capacity will be dedicated to moving currently
stranded oil from North Dakota and Montana to market.
Thousands of jobs will be created from construction of
this pipeline. And the potential trade impact on jobs is
even greater. That is because for every dollar spent on
Canadian exports, such as crude oil, up to 89 cents is
in fact spent on imports of U.S. goods and services to
OPEC spends just 33 cents on U.S. imports.
The potential trade impact of the pipeline equals 90,000
U.S. jobs every year.
View larger size graphic: Canadian Oil Sands