Venezuelan heavy oil is back and yes, it’s hammering Canadian bitumen prices. After a decade of pipeline paralysis, Canada has nowhere to send its oil except one route. Now Venezuela shows up with the same product and undercuts the market. Here’s my prediction: that oil isn’t headed to Texas refineries, it’s going straight into the U.S. strategic reserve. Meanwhile, Canada’s leadership is under pressure to finally approve new pipelines, diversify buyers, and fix an economy that’s been asleep for
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