Navi Mumbai, Maharashtra India (PressExposure) September 20, 2007 -- Bharat Book Bureau, a leading market information aggregator has put forth a report âCanadian Energy Market Analysis 2007 â([http://www.bharatbook.com/detail.asp?id=25994])
Canada has large reserves of oil, natural gas and coal. It is the third-largest producer of natural gas, seventh-largest producer of crude oil and has the second-largest reserves of oil worldwide. Canada is one of the highest energy consumers worldwide. This is primarily due to severity of its climate and high level of industrialization. A significant amount of energy output is exported, predominantly to the U.S.
Until recently, most Canadians took it for granted that there would always be an ample, affordable supply. However, a string of hurricanes that extensively damaged American oil production facilities in the Gulf of Mexico in the late summer of 2005 showed how volatile the market can be: gasoline prices spiked across the continent, hitting as high as $1.39 per liter in the wake of hurricane Katrina. That storm knocked out much of the United States' drilling capacity in the Gulf of Mexico and left southern refineries unable to turn crude oil into gasoline and home heating fuel for extended periods.
Canada is slowly becoming a net importer of natural gas. The summer of 2005 was one of the hottest on record in much of the country. That put the electricity grid under pressure in Ontario. The province had to buy power from the U.S. at a rate much higher than what it was charging people and businesses.
A PEST Analysis of the Canadian Energy Industry focuses on how various factors have affected the Canadian energy industry. With rising prices having persuaded governments, businesses and consumers to take a renewed interest in other energy sources, such as nuclear power, solar energy, wind power, biomass and harnessing the energy of tides, there are many changes which are occurring in the energy industry. Technological advances in all those fields are beginning to make these options less costly and more reliable, although obstacles still remain.
This report focuses on all these factors â Political, Economical, Social, and Technological - and the direct effect it has on the Canadian energy industry.
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