If drilling is the answer to gas prices, and the world is suffering, why don’t oil companies drill in Canada?

The U.S. is not the only country with oil in the ground. To lower gas prices why is it so important that we allow more U.S. drilling? What about Canada? I know we don’t want more oil from the Middle East, but would those who want more drilling be happy with oil from Canada?

Canada has 70% of the reserves that Saudi Arabia has (28.5 billion cubic meters to Saudi Arabia’s 41 billion cubic meters) but only produces about a third of what the Saudis do (2.7 billion barrels to the Saudi’s 8.8 billion barrels). The U.S. reserves are only 3.3 billion cubic meters. Why are we worried about Middle Eastern oil when friendly Canada has loads?
Canada is the 7th largest oil producer.
Correction: Daily production should be in millions of barrels per day, not billions.

12 Responses to “If drilling is the answer to gas prices, and the world is suffering, why don’t oil companies drill in Canada?”

  1. Pfo Says:

    The decision to allow drilling in Canada is Canada’s. And drilling is not THE answer to gas prices, it is one possible solution. It’s not a long term one either, oil has an expiration date being a non-renewable resource, but it is probably the best short term one.

  2. oldmarine08 Says:

    Just for your information, With India and China consuming more and more, it has been and will continue to be a supply and demand issue, and the price being set by OPEC. The problem is that most people do not understand supply and demand economics and what the structure is of the cost of gas per gallon. Do you know that we are using more oil now than EVER before! People are driving at an alarming rate. Do you realize how much petroleum’s used in making plastics and then how many things we use are made of plastics? The oil company makes about 12 cents a gallon as profit. The rest is made up of Federal and State taxes, the cost of exploration and the cost of production, Refining and then the cost of the additives that we have to put in the gas (we call it designer gas, thanks to the environmentalist wacko’s). Do you know that we have not built a refinery in almost 60 years? (thanks again environmentalist). The refineries that we have are working at capacity and that is not enough to keep up with demand. Do you know that we hardly get any oil from the Middle East? Yes we are not in Iraq for oil, they have enough to export but not as much as you think. Even iran imports most of their oil. Most people think that is where it all comes from. Not true. We get our oil form Canada, Mexico, Venezuela and Africa, in that order. What we get from Saudi is a very small %. You want the cost of gas to drop….STOP driving or at the very least cut back 10% and you’ll see gas prices drop. In addition to that we need to open up the ANWR for drilling and off our coasts and the Gulf, as well as exploit the new found pools in the Wyoming Range (thanks again environmentalist) OR come up with an alternate fuel. Even if you had a viable economic alternative fuel source, the production and the distribution of it is decades away. Wake up people, cut back!

    Did you rad the part about Canada..it’s our number 1 producer!

  3. I buy my US Flag from China Says:

    Canada is the second largest oil producer in the world.

    Problem is, the value of the dollar has dropped so much that now the Canadian dollar is worth more than ours. Thus petrol is more expensive.

  4. amazin'g Says:

    They do, and we buy some of it.

  5. Dragonmistress Says:

    That’s a great question. Part of the answer is that Israel does not sit next to Canada. Other parts include our own stupidity.

  6. onemoedae Says:

    The answer is simple. Find a true environmentalist and ask them this same question.

  7. Robert K Says:

    Please don’t invade Canada, we don’t have WMD’s.
    Honest.

  8. Mac Says:

    Great question. Of course, as usual Canada and Europe is looking at the US to solve their problems. Canada’s proliferation of socialists wouldn’t allow it in their country either.

  9. Running-On-Empty Says:

    Do you know that as part of the "NAFTA", Canada cannot restrict energy sales to US?

    Of course, Canada is doing her part to provide energy to US, but understand that Canada can only do so much. Especially many US government officials are bad mouthing "NAFTA", which make Canadians not very happy.

    I believe US can continue to count Canada as a true friend, but understand friendship goes two ways.

  10. tys7344 Says:

    Canadian oil companies do drill in Canada. US companies have no rights to drill in Canada. They don’t have too many here either.

  11. DJ Wings Says:

    1, because we have to ask Canada if we can drill in their land and water.

    2, the US is trying to move towards natural energy than to keep drilling for oil. The oil is pretty limited so we have to expand or options. It may seem like a unlimited supply, but it i really not unless the rocks underground is constantly being turned into oil.

  12. Owen Says:

    A lot of interesting answers but none of them really accurate. Its simple, Canada is rich in oil-sands, which is a lot more expensive to extract than American Oil. I believe oil needs to be about $90 /bbl for such a resource to be economical. In fact, they don’t even drill for it in the traditional sense. They mine it.