Madam Speaker, I thank the Parliamentary Secretary to the Minister of National Revenue for his remarks.
I would like to start by acknowledging that we are gathering on the traditional and unceded territory of the Algonquin people.
Canada and the U.S. have one of the most productive, collaborative, mutually beneficial, bilateral relationships in the world. An essential element of this relationship is energy. I was a member of the natural resources committee from 2015-18, and we heard clearly from witnesses all across the country of the importance of our natural resources in Canada. We know the United States is Canada's most important market for energy. In return, Canada is the largest and most secure foreign source of energy for the United States, including crude oil, natural gas, hydroelectricity and uranium.
In 2019, 91% of Canada's energy exports were destined for the U.S., totalling nearly $125 billion in value. The reverse was also true. Canada is the second-largest market for U.S. energy exports, and these exports play an important role in ensuring Canada has a reliable and secure energy supply. The truth is that Canada and the U.S. have a highly integrated energy infrastructure system, which allows for the optimization of current global competitiveness, benefiting both Canada and the U.S. We know that the energy sector provides thousands of well-paying, middle-class jobs on both sides of the border.
Canada is the United States' largest, safest, most reliable and most competitive supplier of oil and gas, including crude oil, refined oil products and natural gas. Here are some enlightening facts. In 2019, Canada supplied 56% of the United States' crude oil imports, accounting for 23% of U.S. consumption. Canada also supplied 9% of the natural gas used in the U.S. One in five barrels of oil consumed in the United States comes from Canada. The United States imports more oil from Canada than from all OPEC countries combined.
Canadian crude oil accounts for the majority of the oil refined in the U.S., and those products drive the American manufacturing sector and are exported around the world. Canada is one of the only major suppliers of oil to the United States that has a price on carbon and a 2050 net-zero target.
An essential element of this energy system is the energy infrastructure, including pipelines. As the Prime Minister said directly to President Biden during their meeting last week, we are disappointed, but we acknowledge the President's decision to keep his election promise and revoke the presidential permits for the Keystone XL project. We have raised the importance of this project several times. We discussed it directly with President Biden recently and in November, as well as several times with senior officials in the incoming administration, including in the days leading up to his inauguration.
That being said, Canadian oil already flows through more than 70 pipelines, creating one of the most integrated energy systems in the world between two countries. We maintain that to continue providing and improving the benefits of Canadian oil and gas to the United States, we must build and maintain the necessary infrastructure to get the products to where they are needed. As far as electricity is concerned, Canadian hydroelectricity exports provide many U.S. states with a clean, renewable, solid base load 24 hours a day, seven days a week.
Electricity crosses the U.S.-Canada border along more than 30 major transmission lines unrestricted by physical or tariff barriers as part of an effective, efficient, highly integrated North American energy grid. This highly integrated system benefits both Canada and the United States. Operators consistently take advantage of spare energy capacity in neighbouring jurisdictions to optimize their systems. Ratepayers benefit from a more reliable and resilient electrical system that expands the international border.
In 2019, Canada exported over 60 teratonnes of hours of electricity to the U.S., the equivalent of powering almost six million U.S. homes. Those exports save American households, consumers and companies hundreds of millions of dollars each year on their electricity bills. Canadian hydro also contributes to U.S. energy security and helps states meet critical GHG emission reduction targets and to move to a low-carbon economy. With regard to uranium, Canada supplies the U.S. with 33% of the fuel used for its reactors, which in turn generate 20% of U.S. electricity. Industry and government in both countries are also collaborating on developing advanced nuclear technology, including the next small modular reactors that the natural resources committee studied at great length a few years ago.
In the current context of a global pandemic, it is more important than ever that we work closely to ensure a secure, reliable, sustainable supply of energy sources for North America and the world.
We know that Canada and the United States share a common vision to build back better, together, a vision that will ensure a clean, inclusive and equitable energy future. Canada is committed to securing an ever-growing variety of energy sources, whether it is about reducing the environmental footprint of conventional energy, developing or deploying clean energy or increasing energy efficiency. It is clear that the Canada-U.S. relationship can withstand, and even thrive, despite the extraordinary challenges we currently face. To move forward, we must build on our interdependence and seek ways to strengthen our North American locality.
The energy relationship between Canada and the United States is a model for the rest of the world. Let us continue this great relationship with the United States as a partner, friend, ally and neighbour. While it is natural to emphasize self-sufficiency, Canada, the United States and other countries cannot go it alone.
Canada and the United States are partners. This is how we will build alliances between the two countries.