Nearly six months after its opening, the Trans Mountain pipeline expansion is boosting Canada's energy sector as promised — but questions still linger about who will pay for the project's massive cost overruns.
In this photograph taken with a drone, the Trans Mountain Burnaby Terminal tank farm is seen in Burnaby, B.C., on Thursday, April 4, 2024. THE CANADIAN PRESS/Darryl DyckNearly six months after its opening, the Trans Mountain pipeline expansion is boosting Canada's energy sector as promised — but questions still linger about who will pay for the project's massive cost overruns.
Its construction was a lengthy, costly process. The Trans Mountain pipeline expansion was first proposed in 2012 by Kinder Morgan Canada, which encountered so much environmental and Indigenous opposition that it ultimately threatened to scuttle the project.The information you need to know, sent directly to you: Download the CTV News App
According to Canada Energy Regulator statistics, year-to-date crude oil production in this country as of the end of July 2024 averaged 5.0 million barrels per day. That's the highest on record, up from 4.8 million barrels on average at the same point in the year in 2023. The pipeline expansion is improving the profitability of Canadian oil companies. Lack of transportation availability has in the past "frequently and chronically" depressed the value of Canadian crude, Johnston said, adding that the addition of Trans Mountain's new capacity is reducing that discount and lessening the risk of extreme price volatility in the future.The Bank of Canada has estimated that Canada's total export growth will rise by 6.
Trans Mountain Corp, a Crown corporation, wants to hike the tolls even higher, to help cover the massive cost overruns incurred while building the pipeline. Gunton suggested a levy should be applied on all barrels of oil being shipped out of Western Canada until the costs of the Trans Mountain expansion project are recovered.
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