Last night’s U.S. election could have a major impact on this region.
The oil patch is now waiting for a decision on the controversial Keystone XL oil sands pipeline to the U.S. gulf coast.
Geoff Hill from Deloitte’s National Oil and Gas practice says Canada needs to start looking at an all-inclusive energy strategy.
“We have to get together, and we have to solve some of these issues now,” he said. “We’re not the only country in the world with oil, and a lot of the big players, the Chinese, et cetera, they realize that, and we can’t wait around forever, because unfortunately the rest of the world might move on.”
En Pro International analyst Roger McKnight says Obama and the oilsands are like oil and vinegar – they don’t mix.
He says with the Northern Gateway pipeline to the west looking in doubt, producers might start looking east.
“The alternatives are south or east, and the way things are looking south of the border, I don’t think we have a leader of the biggest energy consumer on the planet really on our side,” he said. “The only way I can see out of this thing for the oil sands is to ship it to the east.”
TransCanada says it will re-apply for the pipeline in the first quarter of next year.
November 7, 2012
