Rising Oil Prices and Dependence on Hostile Regimes: The Urgent Case for Canadian Oil

In light of the recent events in Egypt, Tunisia, and Libya, the political unrest throughout Northern Africa and the Middle East has caused significant instability in world oil markets. In the last month, the price of oil has risen to $105.00 per barrel, a 29-month high, which led President Obama to consider tapping into U.S. oil reserves.

I was pleased to hear the President say yesterday in a speech at Georgetown, and I quote:

"Importing oil will remain an important part of our energy portfolio for quite some time, until we have gotten alternative energy strategies fully in force. And when it comes to the oil we import from other nations, obviously we have got to look at neighbors like Canada and Mexico that are stable and steady and reliable sources."

I share similar concerns with President Obama and I am pleased that yesterday he announced his administration's intent to increase domestic natural gas and oil production and to reduce America's dependence on foreign oil.

I agree that it is imperative that the U.S. reduce its imports of foreign oil over time. However, the Obama administration has failed to act. We need to immediately concentrate on replacing foreign oil from thugocrats like Hugo Chavez in Venezuela with reliable, stable allies like Canada. Doing so will ease U.S. energy concerns and provide economic stability while U.S. oil companies make greater use of their Federal leases both onshore and offshore to help increase domestic oil production.