Canada will fast track the approval process for a new proposed crude oil export pipeline to its west coast that could generate over C$20 billion ($14 billion) a year in GDP, Prime Minister Mark Carney said on Thursday.
The pipeline, which was announced in July, is a crucial part of Carney’s bid to diversify the economy away from the United States and help lessen the effect of Donald Trump’s tariffs.
Carney said Ottawa would officially list the Pacific Link pipeline as a project of national interest, which enables it proceed through a single federal regulatory review process. He said Ottawa aimed to complete the process by September 1, 2027.
I’m not disagreeing with that sentiment. The question is, who’s buying? Because the global oil market is declining, and the countries that need it now, are the ones moving fastest away from oil. Our oil isn’t cheap to extract, it’s not near a port and the transport costs are going to mean we’re at a price disadvantage in a shrinking market. I get the sentiment that this isn’t over yet, but at what point are we throwing good money after bad to build infrastructure that’s never going to break even, let alone turn a profit?
They thought tmx was gonna be a dead pipe too, but humanity are idiots.