Securing the Insecure: U.S. Oil Imports

In the last 15 years, Canada has taken honors as one of the top crude oil exporters to the United States. However, conventional reserves of crude oil in Canada are in decline, and the only reserves that Canada has in abundance are the oil sands, which are expensive and difficult to extract.

Furthermore, Canada already consumes 90% of the crude oil it produces, and this number is growing. Finally, the Canadian dollar currently puts a great hamper on the growth of Canadian exploration companies: they have to pay their costs in Canadian dollars, but sell their commodities in American dollars, an unfavorable arbitrage.

Mexico has less of a currency conundrum than the Canadian exploration companies, but they face a much larger problem
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