Another oilsands boom? Smith, Carney say this time Canada will be ready
The Canadian government has designated the Pacific Link pipeline project as a national interest priority to boost oilsands exports. While officials hope for economic growth, they emphasize that this potential expansion will avoid the inflationary and labor-related pitfalls of previous oil booms.
Why it matters
This project represents a significant shift in Canadian energy policy, aiming to balance economic development in the oilsands with more sustainable, controlled growth strategies.
It’s been a relatively quiet decade in the Alberta oilsands , but the federal and provincial governments believe a new West Coast pipeline coupled with policy shifts might help turn up the volume.
Prime Minister Mark Carney was in Fort McMurray, Alta., this week to announce the first proposal to be deemed in the national interest under legislation passed last year: the million-barrel-per-day Pacific Link pipeline from Alberta to a tanker export terminal in southern B.C.
The designation means the proposal will be subject to a streamlined review process, shepherded by the Calgary-based major projects office.
The pipeline’s economic fate hinges on oilsands companies being willing to spend on expanding their output.
At a news conference, Carney was asked whether he expected a return to boom times in the northeastern Alberta oilsands hub city.
“I wouldn’t use the term ‘boom,'” he replied.
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