Canadian Oil Will Find New Paths to American Markets: U.S. Decision to Deny Keystone XL Ignores Pipeline Merits
CALGARY, ALBERTA--(Marketwired - Nov. 6, 2015) - Canadian oil will find new paths to markets and continue to create jobs and wealth for Canadians, despite U.S. President Barack Obama's political decision to deny the Keystone XL permit, the Canadian Association of Petroleum Producers said today.
Canada continues to pursue all forms of energy transportation to markets in all directions. This increased market access will create jobs, economic benefits and government revenues by taking advantage of growth opportunities in Eastern Canada, the U.S. Gulf Coast, Washington state, California and emerging global markets.
"While President Obama stated that the Keystone XL decision is not in the US national interest, Canada's oil and natural gas industry is clearly in the Canadian national interest," CAPP president and chief executive officer Tim McMillan said.
"The Keystone XL pipeline deserved to be approved on the facts of its environmental, economic and energy security merits," McMillan said. "Comprehensive US reviews found Keystone XL will cause no substantive change in global GHG emissions or other undue environmental impacts."
Canada is a stable, democratic country that develops its abundant natural resources responsibly with a strong focus on safety and the environment.
Alberta set greenhouse gas emission regulations in 2007 and recently increased its carbon price. Among the top suppliers of oil imports to the United States (Canada, Mexico, Nigeria, Saudi Arabia and Iraq, Venezuela), only Canada has GHG rules in place.
"Canada has demonstrated leadership in GHG policy and technologies relating to the oil and natural gas industry," McMillan said. President Obama failed to recognize Alberta's leadership on climate policy. "Alberta's oil and natural gas producers have paid a levy on carbon for longer than Keystone XL has been under regulatory review."
In the oil sands, companies have found ways to reduce per-barrel GHG emissions by 30 per cent since 1990 and continue to seek more reductions through technology development. Companies are investing more than $1 billion collectively into developing new technologies to improve environmental performance through Canada's Oil Sands Innovation Alliance.
"Canada has what the world needs - a reliable supply of energy that is produced safely and responsibly," McMillan said. "Canadians will find a way to meet the demands of these global markets."
TransCanada news release here.
U.S. Office of the Press Gallery news release here
The Canadian Association of Petroleum Producers (CAPP) represents companies, large and small, that explore for, develop and produce natural gas and crude oil throughout Canada. CAPP's member companies produce about 90 per cent of Canada's natural gas and crude oil. CAPP's associate members provide a wide range of services that support the upstream crude oil and natural gas industry. Together CAPP's members and associate members are an important part of a national industry with revenues from oil and natural gas production of about $120 billion a year. CAPP's mission, on behalf of the Canadian upstream oil and gas industry, is to advocate for and enable economic competitiveness and safe, environmentally and socially responsible performance.
(November 6, 2015 - 2:26 PM EST)
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