Alberta Oil has a problem, buying high and selling low!

The gap between Western Canada Select (WCS) and Brent pricing is widening and is costing the Canadian economy some $18 billion annually.

Right now there are few alternatives in getting Alberta Oil Sand bitumen to tidewater and Brent North Sea pricing.

Jim Prentice, Vice Chairman of the Canadian Imperial Bank of Commerce and a former cabinet minister in the Federal Government, says that "the problem is Canada does not have pipelines to world markets on a East/West Axis."

There is trouble in Alberta right now. The S&P TSX Energy index is down 10.7% YTD and 18.5% for the past 52 Weeks.

The significant reduction of "net backs" to Alberta oil producers is causing major adjustments to corporate market capitalization and dividends are also being cutback big time.

Canada and Alberta need a Canadian solution to resolve this dilemma and the answer is Enbridge's Northern Gateway Pipeline, an all Canadian project.

See the CNOOC PowerPoint Presentation

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