OilPrice.com: Disaster Hits Canada's Oil Sands
Kinder Morgan said it would halt nearly all work on a pipeline project that is crucial to the entire Canadian oil sands industry, representing a huge blow to Alberta’s efforts to move oil to market.
Kinder Morgan’s Trans Mountain Expansion is the largest, and one of the very few, pipeline projects that has a chance of reaching completion. Alberta’s oil sands producers have been desperate for new outlets to take their oil out of the country, and the decade-plus Keystone XL saga is the perfect illustration of the industry’s woes.
Keystone XL is still facing an uncertain future, and with several other major oil pipeline projects already shelved, there has been extra emphasis on the successful outcome of the Trans Mountain Expansion. That is exactly why Canada’s federal government, including Prime Minister Justin Trudeau, has gone to bat for the project.
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WNU Editor: The pipeline that the above author is talking about is not going to be built. This crushes any hopes that oil-rich Alberta may have had to increase the export of its oil products to Asian markets .... but it is a huge win for British Government's NDP-Socialist/Green coalition government who have opposed this project since day one. I have friends who work in Alberta's oil industry .... and to say that my friends are suffering is an understatement. And while the U.S. oil industry is booming the Canadian oil industry is in a massive slump .... and there are going to be consequences. The Alberta provincial government (also ruled by the NDP) have vested all of their political capital in this project, and while they have been projected to be voted out in the next election, this loss all but guarantees it. But the biggest loser from all of this will be the government of Justin Trudeau. As I explained to my good friends in the Liberal Party at a get together last week .... when they were elected in October 2015 the price for a liter of gas nationwide was less than a dollar, today it is $1.45, and with carbon tax prices already being prepared to kick-in before next year's election .... even higher. Good luck in hoping that you can get re-elected with that track-record.
