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Canada Views US Oil Boom as Wakeup Call

Posted at: 11/13/2012 11:21 AM
By: ROB GILLIES, Associated Press

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TORONTO (AP) - Canada's Natural Resources minister said a report that says the U.S. will become the world's largest oil producer by the end of the decade should serve as a wakeup call that dramatically illustrates the need for Canada to diversify its energy exports.

The International Energy Agency reported this week the U.S. will become the world's largest oil producer by around 2020 as new exploration technologies help find more resources.

Canadian Natural Resources Minister Joe Oliver notes 98 percent of Canada's oil exports and 100 percent of its gas exports go to the U.S.

Oliver says the U.S. will need less and less of it.

He said in a phone interview Tuesday that it's critically important to build pipelines to the Pacific Coast so Canada can export to Asia.

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