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Main Connect News North America Predicted To Be Lead Oil Producer by 2030

North America Predicted To Be Lead Oil Producer by 2030

Tuesday, February 5, 2013

The U.S. is on the verge of becoming one of, if not the, largest oil producers in the world, and that development is one that could drastically affect the Canadian economy. The rise of the American oil industry, according to The Globe and Mail, has the potential to affect the partnerships formed and the exports of the Canadian oil industry.

North America's Rise
According to a report from the International Energy Agency, America's oil output will surpass that of Saudi Arabia and Russia by the year 2020, and North America has a whole should be the top producer of oil by 2030 according to these predictions.

The Midwest region of the U.S. is responsible for much of the fuel, as new technologies have improved the processes used when extracting oil, the news source reports. If this trend continues, the country may be decreasing its imports, of which more than one-third come from Canada, and the U.S. hopes to become oil-independent within the next several decades.

Canada Holding Strong
Despite the rapid growth of the U.S. oil industry, Canada is still expected to have a strong future with regard to the oil and gas field.

The types of oil produced by the Canadian and U.S. oilsands are quite different. Alberta refineries tend to produce heavier crude oils, while their American counterparts are finding a lighter kind of fuel. If this is the case, Canada may still be called upon to provide oil to its neighbor, and will do so while also searching for more trade partners.

"If we don't expand our export capability to growing markets that [are] growing in the Asia-Pacific area, we're going to stunt the development of our oil industry in Western Canada," economist Patricia Mohr told the news source. "It is very risky for the country to be assuming that if you stunt the growth of our biggest non-service industry in Canada, that you'll find an offset to that. The Canadian economy is very oil-dominant now."

The prevalence of the oil industry in Canada, as well as the overall positive outlook and resilient nature of the field, should mean that the economy and jobs supported by the oil and gas industry remain in the country. Individuals who want to take advantage of this booming sector can try courses in Alberta to see if their careers may be found in this field.

Students interested in joining Canada's growing oil industry can start by enrolling in the Oil and Gas Administrative Assistant program at Reeves College. To find out more information, fill out the form on the right.