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00:02Canada wants to become an energy superpower by expanding oil and natural gas exports beyond
00:08the U.S., according to the Wall Street Journal. Canada is a leading oil and natural gas producer,
00:14but sends about 90 percent of crude oil exports to the U.S., limiting its global influence.
00:20President Trump's trade war, the Iran conflict, and increased U.S. imports of Venezuelan oil
00:25are pushing Canada to diversify its energy exports beyond the U.S.
00:30Prime Minister Mark Carney said Canada plans to expand its role as an energy superpower
00:35through the West Coast Pipeline and LNG projects that would double exports by 2030.
00:41The government is also moving to shorten project reviews and offer tax incentives for new wells,
00:46pipelines, and processing facilities. TD Economics estimates major pipeline projects could raise
00:52total oil takeaway capacity to 6.8 million barrels a day by 2034.
00:59Proposed LNG projects could allow Canada to send 55 percent of its natural gas exports
01:03to non-U.S. markets by the early to mid-2030s.
01:06For all things money, visit Benzinga.com.
