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NEWS: US fracking means less demand for tar sands bitumen

Canada exports nearly 3 million barrels of oil a day to the United States. But by 2020 the United States itself will be producing 3 million more barrels of oil a day through ‘new technologies’ (fracking), while at the same time American demand for petroleum will reportedly decline. This is what is behind Harper’s new push to export tar sands oil to China, India and Europe. Natural Resources minister Joe Oliver says, “If we don’t find new markets, the resources will be left in the ground and the legacy will be lost.” This shift in US demand comes as a Bank of Nova Scotia economist warns that Canada’s economy – as a result of Harper’s economic policy – is increasingly dependent on ‘resource development’ for economic growth. The Globe and Mail report is at http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/north-america-to-be-net-exporter-of-oil-by-2030-iea-predicts/article5188639/.