Wednesday, August 25, 2021

Nine years ago the late Ian Reid @ 'The Real Story,' predicted that President Joe Biden would shut down China's access to Alberta's Oil Sands

.... because of China's dependency on foreign oil

"China’s on an oil buying binge.  And Canada is where China likes to shop.

Since 2002 China, through four state owned oil companies, has spent over $65 billion dollars to purchase oil and gas fields and production facilities around the world.

Almost 15% of China’s expenditures went towards securing oil from Canada’s tar sands, according to a joint 2011 report of the International Energy Agency and the OECD.  China now owns significant stakes in Northern Lights Oil Sands, MEG Energy, Athabasca Oil Sands, Penn West Energy and Syncrude.

China’s buying spree isn’t an accident.  It’s a government policy that’s developed haphazardly since the late 1980’s.  China is determined to ensure that it continue to grow an economy that is increasingly dependent on energy from oil and gas.

In 2009, China imported 53% of its oil.  By 2035 that’s expected to grow to 82% or 12.8 million barrels each and every day.  China’s foreign policy is, in part, determined by the need to resource that growth. " Snipped

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