Canada just put a massive energy card on the table. Prime Minister Mark Carney offered to ship an additional 3 to 4 million barrels of oil per day to the United States during trade talks at the White House last fall, according to US Ambassador to Canada Pete Hoekstra, who confirmed the details on Monday.
If fully realized, the proposal would roughly double the volume of Canadian crude flowing south of the border. Canadian oil already accounts for approximately 60% of US crude imports, making it the single most important source of foreign energy for the American economy.
The deal behind the deal
Hoekstra described the offer as part of a “preliminary” agreement, suggesting the framework is still being negotiated rather than finalized.
Here’s how dependent we’re talking: 85% of US electricity imports and 99% of US natural gas imports come from Canada.
