by Alec Schemmel
Fox News
‘Canada, like all petrostates — Iran, all of OPEC, all those people — are going to be at our mercy,’ says conservative fossil fuel industry expert
he Trump administration’s plans to revitalize the Venezuelan oil market puts the United States at an advantage over Canada and serves to weaken China, according to energy experts.
Conservative politicians, including the leader of Canada’s conservative opposition party, are calling on Canadian Prime Minister Mark Carney to approve a new Pacific coast pipeline to help aid the country’s oil exports to overseas markets, amid fears that the United States’ involvement in Venezuela’s market will significantly impact the competitiveness of Canadian oil. Canadian lawmakers are concerned that increased oil exports from Venezuela to the United States, which is Canada’s largest oil purchaser, will displace oil from Canada, forcing the country to drop its prices in order to stay competitive.
Meanwhile, experts have added that the U.S. involvement in Venezuela’s oil market will also serve to weaken China…
“This is going to be bad for all petrostates, and Canada is basically a petrostate,” Energy and Environment Legal Institute’s Steve Milloy, a former fossil fuel industry lobbyist, told Fox News Digital…
However, Milloy argued that if Canada is “forced to sell cheaper oil” it will significantly impact the country’s ability to generate revenue. But, Milloy also noted, it is also slightly “premature to say what’s going to happen just yet” as it will take time for the impact of the United States’ intervention in Venezuela’s oil market to take shape.
“There’s a lot yet to be worked out,” Milloy said.
In addition to Canada, Milloy suggested that President Donald Trump’s decision to go into Venezuela and take over its oil market also helps the United States’ leverage over China.
