Sandy, you won't see a 'payback at the pumps' unless Canada goes socialist. Even then, it would remain relatively high because of refining costs. Keeping to the inflation curve isn't too bad.

Arctic Islands crude could be $150 a barrel, so it will be a while before that area is looked at seriously. Russia looks to claim the full extent of the Lomonosov Ridge, so offshore oil there will be developed by them. They are expanding their exploration rapidly off their west coast and north of Japan.

Canada should have kept their national oil company, but thinking here is on the U.S.-UK pattern- The Russian-Saudi-Venezuelan-Mexican-Chinese patterns of state control are something we will never see.

Canada has become a major supplier to the United States, more than from Saudi Arabia, etc.
Approx. Imports by U. S. (thousands bbl/day)
Canada- Total 2,300 (1,800 crude)
Saudi- 1,700 (1,600)
Venezuela- 1,400 (1,200)
Mexico- 1,400 (1,200)
Nigeria- 1,300 (1,200)

Canada exports 1.77 million bpd, but imports 850,000 bpd (cheaper to supply east coast from abroad)

The oil-gas industry paid Canada $27 billion in 2006- not a bad take, but I think Canada could squeeze a little more out of it without the U. S. invading.
The industry provides 80% of Canada's merchandise trade balance.
Figures from www.capp.ca. Can. Assn. Petroleum Producers)


(I have put a lot of figures in these posts, but having them together here saves me the trouble of looking them up whenever someone asks. Digression, sure, but will be handy for me.)