Oil is one of the world's most sought after commodities. It is used for transportation, industrial production, heating and electrical generation. Oil is found around the globe, with the Middle East and Central America having the largest proven conventional oil reserves. Including unconventional sources, such as the oil sands in Alberta and Saskatchewan, Canada has the second largest proven reserves in the world.
North America consumes 30 per cent of the world's oil, but holds only a small portion of the total global reserves. Oil must be imported to meet North American needs.
Oil technologies are proven and time-tested. Nova Scotia Power uses oil at some of its thermal generating stations and to fuel combustion turbines around the province.