Carney hopes an oil pipeline can help Canada fight a trade war
Summary
Prime Minister Mark Carney has announced faster approval for the Pacific Link oil pipeline, which will carry oil from Alberta to the Pacific coast. The project aims to reduce Canada’s oil exports to the US and open up new markets in Asia, creating jobs and boosting the economy.Key Facts
- The Pacific Link pipeline will run 1,250 km from Bruderheim, Alberta, to Delta, British Columbia.
- It is designed to carry about one million barrels of crude oil per day to a deep-water port.
- Canada currently sends 90% of its crude oil exports to the US; the pipeline hopes to reduce this reliance to 65-70%.
- The project is expected to add up to C$30 billion ($21 billion) to Canada’s GDP annually and create 140,000 jobs.
- The Canadian government will fast-track federal approvals and aims to give investors a final decision within one year.
- Private and indigenous groups will be able to buy stakes in the pipeline, with Indigenous groups offered at least 10%.
- Alberta supports the project and will develop a large carbon capture program to reduce emissions.
- Construction could start by 2032 if the project receives approval and faces opposition from environmental and some indigenous groups concerned about its effects.
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