Alberta Fact Check: Even Canada's largest oil companies say Ottawa's rules make a new pipeline impossible

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Alberta Fact Check: Even Canada's largest oil companies say Ottawa's rules make a new pipeline impossible

Subhead:Industry leaders say federal regulations are hampering the construction of a new oil pipeline in Canada.# For years, Albertans have been told that all Canada needs is political will and climate regulations to build another major oil pipeline to the Pacific. But according to the CEO of one of Canada's biggest energy companies, the problem runs much deeper. This week, Cenovus Energy CEO Jon McKenzie delivered a blunt assessment at Calgary's Global Energy Show: Alberta's proposed one-million-barrel-per-day pipeline to the British Columbia coast is currently " unfinanceable " under Canada's regulatory framework. McKenzie said Canada's industrial carbon pricing system has made Canadian oil less competitive and discourages the production growth needed to justify filling a major new export pipeline. In other words, if producers cannot economically expand output, there is little business case for investors to spend tens of billions building new infrastructure. Amazon-embed:B0GR6MJGHS

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