Productivity and Competitiveness: Economy, Environment and Partnership

August 04, 2017

The dynamics of North American oil and gas markets have changed dramatically since 2014.

The U.S. has benefited from this development as U.S. tight oil production is now following a similar path as the U.S. shale gas revolution’s transformation of North America’s gas markets. The U.S. is now poised to produce a record amount of crude oil in 2018, according to the US Energy Information Administration (EIA).

The dynamics of North American oil and gas markets have changed dramatically since 2014. Technological advancements have unlocked an abundance of oil and gas resources, at lower prices, that only a decade ago was thought to be impossible.

The U.S. has benefited from this development as U.S. tight oil production is now following a similar path as the U.S. shale gas revolution’s transformation of North America’s gas markets. The U.S. is now poised to produce a record amount of crude oil in 2018, according to the US Energy Information Administration (EIA)

Canadian oil and gas producers are not only competing for market share in the U.S. – they are competing against U.S. supply in Canada. Imports of U.S. natural gas have increased substantially since about 2005. Some of these sources are closer to markets in central Canada, which means western Canadian producers are challenged to compete

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