Alberta and Ottawa Greenlight New Pacific Pipeline

Home Oil Prices Oil Futures Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Geopolitics Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Company News Breaking News Premium Articles My Account Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude •11 mins 68.64 -0.05 -0.07% Brent Crude •11 mins 71.87 +0.07 +0.10% Murban Crude •16 mins 65.54 +0.32 +0.49% Natural Gas •11 mins 3.264 +0.068 +2.13% Heating Oil •14 mins 3.205 +0.023 +0.72% Gasoline •12 mins 2.933 +0.016 +0.55% Click Here for 150+ Global Oil Prices Gasoline • 12 mins 2.933 +0.016 +0.55% Heating Oil • 14 mins 3.205 +0.023 +0.72% WTI Midland • 10 hours 68.67 +0.19 +0.28% Opec Basket • 9 days 77.37 -2.89 -3.60% Indian Basket • 9 days 70.71 -4.57 -6.07% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices Alberta and Ottawa Greenlight New Pacific Pipeline UK government-backed ESG reporting platform… China's latest five-year plan doubles… Charles is a writer for Oilprice.com Alberta’s Premier Danielle Smith and federal Prime Minister Mark Carney have made the official announcement of a new oil pipeline, to be built to Canada’s Pacific coast, broadening the access of Canadian oil producers to the Asian market. The decision is a departure from previous Liberal governments’ energy agenda, which excluded the expansion of oil pipelines due to pressure from environmentalist groups and a focus on the energy transition away from hydrocarbons. Despite his firm support for the transition in past year, Prime Minister Carney has, after taking office, signaled he was open to compromises to boost Canada’s presence on global oil and gas markets, also backing LNG projects. Interestingly, the announcement came on the heels of news that Carney had upheld a ban on tankers along British Columbia’s North Coast, which effectively eliminates one of the most attractive oil export corridors for vessels that would be loading from the new pipeline. Instead, the pipeline will terminate in southwestern British Columbia. The new conduit will be built by Trans Mountain Corp. and have a capacity for 1 million barrels daily. The infrastructure will be majority owned by the Canadian federal government and the government of Alberta, Reuters reported, adding that Pembina, which will partner with Trans Mountain Corp. on the construction, will take a 10% stake in the project. Canada’s oil production has been growing robustly despite environmentalist opposition and federal government policies. This year, it is expected to hit 5.3 million barrels daily. The only export corridor to markets other than the United States, however, is the Trans Mountain pipeline, already running at capacity due to the surge in demand for Canadian crude amid the Middle Eastern war. Prompt