Canada to Stabilize World Markets?

Prime Minister Paul Martin said Canada would increase its oil production to help stabilize world markets as prices skyrocketed.

The move is in response to requests from the International Energy Agency, whose 27 member countries have been asked to release reserves or increase output, Martin told reporters. Canada does not keep oil reserves because it is a net oil exporting country.

"Canada, through the offices of the deputy prime minister and the minister of energy, will be saying that we are there and that we are prepared to do our part," Martin said.

After checking with local companies and provincial governments, Canada will have excess supply ready to export "soon" in order "to stabilize the prices, to make sure there is, in fact, stability in the prices, at the same time as helping the Americans," he said.

The announcement flies in the face of earlier reports that Canada's oil patch in the western Alberta province was already running at full capacity.

The Source

Its a short article so if you read this thread, you read the entire article (as of this post, it could be updated)

Im just wondering what people think of these statements.

Could it be pulled off?

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Oil tipped to hit US$100. I think extracting oilsands, oilshale and tarsands becomes feasible around $80/bbl. Market will become stabilized afer the panic subsides, and that does not mean cheap oil.

Martin is talking bs with Canada's oil refineries running virtually at capacity and the Canadian drivers are getting hammered at the pump from Katrina too.

It's the end of cheap oil, get used to it....