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Rubin argues that not only are Canadian oil sands producers losing out from low oil prices overall, overseas markets typically pay less for bitumen and other forms of heavy oil than they do for refined oil from the U.S. Gulf Coast.
“We will capture a lot of added economic value if we export our product refined, instead of in the form of tar. That’s more opportunity for local companies like say, Cenovus to do more with their product,” he says.