Canada at Energy Crossroads Amid US Pipeline Rejection

A recent decision by the US to reject a pipeline from Alberta to the US has left Canada at an energy crossroads. The pipeline was to be paid for by a Canadian company and would have transported Alberta oil at a reduced rate.

The US is now asking American oil companies to invest $100 billion in Venezuela, further highlighting the country's shifting priorities.

As tensions rise in the Middle East, global supply chains are under pressure. The Strait of Hormuz has been shut down due to conflict between the US and Iran, resulting in a 20% reduction in global oil usage.

The price of oil is currently at $100 per barrel, and reserves are being released in an attempt to alleviate pressure on consumers.