Canada Is Hedging Bet On Keystone XL Pipeline
Our Canadian neighbors to the north began a lengthy series of public hearings this week over a proposed pipeline that would ship crude oil from Canada’s landlocked oil sands in to the Pacific Coast. The proposal provides an alternative to the Keystone XL Pipeline, currently pending approval by President Barack Obama, and ratchets up the debate in Canada over the country’s growing status as a global energy powerhouse, according to an article published in the Wall Street Journal.
Canada is warming to the idea of an oil pipeline from Alberta to the Canadian West Coast to deliver petroleum to thirsty Asian markets if the United States balks at a pipeline that would bring more Canadian oil to the U.S., according to the article.
With the future of the Keystone pipeline in doubt, Canadian politicians and oil-industry executives have rallied behind Enbridge Inc.’s Northern Gateway pipeline as a way to boost export capacity and open up new markets in Asia as oil production climbs, the Journal reported. Canadian oil output is expected to grow 50 percent over the course of the decade, to 4.2 million barrels a day, according to the Canadian Association of Petroleum Producers, an industry group. With U.S. jobs, energy security and energy independence at stake, the Keystone XL Pipeline must be approved, and quickly; otherwise, this North American resource may well to go to China.
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