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Technological advancements in the oil sands have helped create more energy efficient practices and to decrease GHG emissions in the oil sands. One of the most important mechanisms used to achieve this is co-generation. This is a process where steam and electricity is produced simultaneously. By converting energy and by-product into electricity that would otherwise be waste, co-generation has contributed significantly to the 30% decrease in per barrel GHG emissions seen in the oil sands since 1990. According to the International Energy Agency, the U.S. is projected to become the largest global oil producer, overtaking Saudi Arabia by around 2020, due to rapid growth in U.S. tight/shale oil production. That said, both the International Energy Agency (IEA) and the U.S. Energy Information Administration (EIA) have forecasted that the U.S. will still need to import oil to meet its domestic demand for decades. Canada’s oil reserves represent a safe, secure and long-term energy supply to meet North America’s needs.
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