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Very good point about Middle Eastern oil, but it's a bit more complicated than that. Oil is not a homogenuous commodity, but is extracted and refined in different grades for different uses depending on the quality of the raw crude oil. My understanding is that crude oil from Saudi Arabia is particularly important because it's easy to extract and is best suited for refining into gasoline.

A lot of Canadian oil, on the other hand, comes from tar sands and is difficult/expensive to extract and refine. I may be wrong about this, but I imagine very little Canadian oil ends up as gasoline. It's probably best suited for things like lubricants and plastics.

I've copied thackney on this post because he's probably forgotten more about the energy sector than I'll ever know. I'd be curious to get his input on what I've just posted here. LOL.

I may be wrong about this, but I imagine very little Canadian oil ends up as gasoline.

Sorry, but you are wrong. Essentially all of the Canadian feedstocks are used to make gasoline and diesel in US refineries.

The bitumen that is produced from the oil sands is typically first run through an upgrader before reaching a refinery. This adds cost but the lower price for bitumen offsets this making it a desirable feedstock.

http://www.oilsandsdiscovery.com/oil_sands_story/upgrade.html

Saudi Arabia typically provides a lighter grade of crude oil. However, all the crude produced in Saudi Arabia—except for that of the offshore Safaniya Field in the Persian Gulf—is "sour." This sulfur content requires removal in the refinery and also adds cost, but not as much as an upgrader.

http://www.saudiaramcoworld.com/issue/196001/sweetening.up.the.crude.htm