Canadian Finance Minister Says New Energy Markets Crucial for Economy – Wall Street Journal
Minister’s Comments Come Ahead of Expected Government Decision on Alberta Crude Pipeline
MONTREAL—In the latest signal Canada is laying the groundwork for approval of a controversial pipeline to transport landlocked Alberta crude to the Pacific Coast, Finance Minister Joe Oliver warned Monday that failure to find new markets for the country’s energy products would have “stark” economic consequences.
Mr. Oliver’s comments come at a critical time for Canada’s oil producers, who have invested tens of billions to expand production in recent years even as distribution bottlenecks have forced them to accept steep discounts for their crude. A decision on Enbridge Inc. ENB.T -0.90% ‘s Northern Gateway project is the first test of industry plans to ease that infrastructure bottleneck with new pipelines that reach markets beyond the U.S., which is the biggest customer for Canadian crude but whose need for foreign oil is falling.
