BNN: 'An increasing number of countries are banning imports of Russian oil to put pressure on President Vladimir Putin after he directed an invasion of Ukraine. The United States and United Kingdom announced plans Tuesday to wind down their exposure to Russian fossil fuels over the coming weeks and months.
'But that will leave these countries on the hunt for replacement barrels, which will likely put further strain on global crude inventories and push oil prices even higher. On Tuesday, American benchmark crude West Texas Intermediate rose another 3.6 per cent to settle at US$123.70 per barrel, its highest since August 2008. Kvisle said Canada has the resources, but energy policies have hampered development of the oil sands and the infrastructure needed to transport crude to market.
'“Even to add the first half million barrels a day would take five years because of regulatory processes,” he said. “These things take a long time.” Alberta Premier Jason Kenney has taken the opportunity to raise the idea of reviving TC Energy Corp.’s Keystone XL pipeline, which was effectively killed by U.S. President Biden over environmental concerns, as a way to get more oil to the U.S. market.'
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