It’s something most oil patch types in Alberta already knew. .In yet another example of the integrated continental energy market and tightest economic relationship on Earth, the value of cross border energy trade with the US hit an all-time record high last year, according to the US Energy Information Agency (EIA)..The value of that two-way trade, which includes combined imports and exports from both countries, hit US$190 billion* when adjusted for inflation. That easily surpassed the previous record of $178 billion in 2008 and was up from $134 billion in 2021.. Value of energy tradeAnnual Canada-US energy trade. .Although the absolute volume of oil, natural gas, refined products and electricity crossing the border didn’t change much, the increase was largely driven by higher oil and natural gas prices in the wake of Russia’s invasion of Ukraine..Although the value of US exports to Canada rose 41% overall, Canada reaped almost five times more — or $156.3 billion versus $33.8 billion for the US. .‘Energy trade value’ is defined as the combined value of energy imports and exports between the two countries, which is driven by both commodity prices and the commodity volumes imported and exported..No surprise, crude oil accounted for the vast majority or $113 billion. Canada is the largest exporter of oil to the US, accounting for about 60% — 3.7 million barrels per day (bpd) — of its imports. .Most of it is heavy and synthetic crude derived from Alberta’s oil sands, the EIA notes.. US oil tradeCanada-US import/export volumes. .Likewise, the value of US oil exports to Canada rose about 43% in 2022 to $11.9 billion, although volumes fell slightly to 305,000 bpd. The vast majority of Canadian oil ‘imports’ are in fact domestic barrels that are reimported from Alberta and Saskatchewan back into Ontario after passing through Wisconsin on the Enbridge mainline..Although the volume of natural gas traded remained similar to 2021, the 2022 trade value increased..Canadian natural gas exports averaged 7.6 billion cubic feet per day (Bcf/d) in both 2021 and 2022, but the value of those imports on the US side was 76% higher in 2022 at just under $20 billion..Similarly, in both 2021 and 2022, natural gas exports from the US to Canada averaged 2.5 Bcf/d, but the value nearly doubled, totalling $4.1 billion in 2022..The US imported about 580,000 bpd of refined products such as gasoline and diesel, roughly equal to the 524,000 bpd it exported back to Canada..Although electricity is included in the totals, the dollar value was negligible, or less than $1 billion..* all dollars in US dollars
It’s something most oil patch types in Alberta already knew. .In yet another example of the integrated continental energy market and tightest economic relationship on Earth, the value of cross border energy trade with the US hit an all-time record high last year, according to the US Energy Information Agency (EIA)..The value of that two-way trade, which includes combined imports and exports from both countries, hit US$190 billion* when adjusted for inflation. That easily surpassed the previous record of $178 billion in 2008 and was up from $134 billion in 2021.. Value of energy tradeAnnual Canada-US energy trade. .Although the absolute volume of oil, natural gas, refined products and electricity crossing the border didn’t change much, the increase was largely driven by higher oil and natural gas prices in the wake of Russia’s invasion of Ukraine..Although the value of US exports to Canada rose 41% overall, Canada reaped almost five times more — or $156.3 billion versus $33.8 billion for the US. .‘Energy trade value’ is defined as the combined value of energy imports and exports between the two countries, which is driven by both commodity prices and the commodity volumes imported and exported..No surprise, crude oil accounted for the vast majority or $113 billion. Canada is the largest exporter of oil to the US, accounting for about 60% — 3.7 million barrels per day (bpd) — of its imports. .Most of it is heavy and synthetic crude derived from Alberta’s oil sands, the EIA notes.. US oil tradeCanada-US import/export volumes. .Likewise, the value of US oil exports to Canada rose about 43% in 2022 to $11.9 billion, although volumes fell slightly to 305,000 bpd. The vast majority of Canadian oil ‘imports’ are in fact domestic barrels that are reimported from Alberta and Saskatchewan back into Ontario after passing through Wisconsin on the Enbridge mainline..Although the volume of natural gas traded remained similar to 2021, the 2022 trade value increased..Canadian natural gas exports averaged 7.6 billion cubic feet per day (Bcf/d) in both 2021 and 2022, but the value of those imports on the US side was 76% higher in 2022 at just under $20 billion..Similarly, in both 2021 and 2022, natural gas exports from the US to Canada averaged 2.5 Bcf/d, but the value nearly doubled, totalling $4.1 billion in 2022..The US imported about 580,000 bpd of refined products such as gasoline and diesel, roughly equal to the 524,000 bpd it exported back to Canada..Although electricity is included in the totals, the dollar value was negligible, or less than $1 billion..* all dollars in US dollars
