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Posted Sun Aug 19 2012: from Globe and Mail:
Pipelines, glut of cheap crude raise doubts over oil sands expansion
Strained pipeline systems and a glut of North American crude will force Canadian oil sands companies to cut back on their ambitious expansion plans over the next several years, a major new report warns. Based on a review of all major producing regions, the CIBC World Markets report says North American crude production should grow annually over the next five years by a stunning 900,000 barrels a day. That scenario would see the United States dramatically cut its dependency on imported crude, forcing Canadian producers to look for markets elsewhere, at the same time that Canadian gas exporters face shrinking U.S. appetite for their supplies due to booming shale gas supplies. Companies will find it increasingly difficult to justify expansion of high-cost oil sands projects, especially when there is a wealth of more profitable, less capital-intensive investment opportunities across the continent, CIBC analysts said in the 276-page report released Friday. "Unfortunately, higher cost oil sands projects seem like the first to get rationalized," said the study of 28 major oil and gas plays in the U.S. and Canada.
[Read more stories about: oil issues, climate impacts]

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'Doc Jim says:
Does that mean that Canada won't become the next petro-powerhouse?

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