For national security as well as economic reasons, the US must make use of a vast, secure and reliable supply of fuel from Canada's oil sands, says Mark J. Perry, professor of Finance and Economics at the Flint campus of the University of Michigan:
• The tar sands hold an estimated 174 billion barrels of crude oil, making Canada's oil-sands deposits second only to Saudi Arabia in global reserves.Unbelievably, greenhouse gas issues seem to be overshadowing all other considerations, and Congress recently blocked any additional importation of Canadian Oil Sands petroleum by classifying it as an 'alternative' energy source, which requires carbon emission levels the petroleum product simply can't meet.
• The United States currently obtains 1 million barrels a day from Canada's tar sands, but with planned investments, the daily supply could exceed 3 million barrels by 2015.
The irony is that countries with fast-growing economies like those in China, Brazil and India are accelerating energy resource development, while resource-rich North America is becoming captive to environmental extremism and continues to restrict access to oil supplies.
This situation points to an inescapable imperative, says Perry: Congress needs to address the matter and it should take action to ensure the civilian and military use of Canadian tar sands oil. Our economic and national security depends on it.
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