Canada's oil industry will have reason to celebrate when the Trans Mountain pipeline expansion comes online. But the party may be short-lived.
After being hamstrung for years by a lack of export capacity, Canada's oil industry will have reason to celebrate when the much-anticipated Trans Mountain pipeline expansion comes online, expected to be sometime this spring. Workers place pipe during construction of the Trans Mountain pipeline expansion in Abbotsford, B.C., on Wednesday, May 3, 2023. THE CANADIAN PRESS/Darryl Dyck.
In a particularly dramatic example, the discount known as the Western Canada Select differential widened so much in 2018 — to US$50 a barrel — that the Alberta government moved to curtail oil production in the province until prices improved.Insolvencies to remain high in Canada as economy plays catch-up: experts
The high-profile project, which began construction in 2019 and is owned by the federal government, will increase the existing Trans Mountain pipeline’s capacity by 590,000 barrels per day to a total of 890,000 barrels per day. And with that near-tripling of export volumes, comes the ability to turn on the taps when it comes to crude.
Many in the industry now believe Canadian oil output will exceed pipeline capacity again as early as 2026. “Everybody’s kind of saying, ‘OK, we see a pipeline. We’re going to be able to grow.’ Well, look, everybody’s growing at the same time. It is going to be full in no time,” Masson said.
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Trans Mountain pipeline expansion expected to fill up fastWorkers lay pipe during construction of the Trans Mountain pipeline expansion on farmland, in Abbotsford, B.C., on Wednesday, May 3, 2023. THE CANADIAN PRESS/Darryl Dyck
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