Summary: In Canada, less than 1% of the available oil sands have been used to produce oil. “According to Canada's National Energy Board, there are at least 300 billion barrels of recoverable oil within a 250-mile radius of this northern city, about 15 percent more than the proven reserves of Saudi Arabia.” Canada’s oil sand production is expected to grow drastically in the next few years thanks to the new advancements in technology, which make the production of oil sands easier and cheaper.
Comment: As we already know, Canada is the largest oil supplier country of the United States. This means that if Canada’s oil sands production is going to increase drastically in the next few years, the amount of oil coming from oil sands in the United States is obviously going to increase as well. This is a really good thing because we need to take advantage of the other ways we can produce oil rather than just from petroleum, which we know is already running out.