According to the Canadian Association of Petroleum Producers (CAPP), President Donald Trump’s recent decision to sign an executive order to advance the Keystone XL pipeline project is a major economic step forward for Canada, the US and for North American energy security.
Now, more than ever, Canada needs to access new customers in the east, south and west. The Canadian oil and natural gas industry has been facing challenges to maintain competiveness both at home and abroad. Thus, pipeline approvals advance the opportunities to make Canada an attractive place for investment.
All but 1% of Canada's oil goes to the US. It is important that the country continues to serve its number one customer while it continues to seek additional global customers. CAPP and its members are committed to continue their work with the U.S. government to ensure we achieve mutual energy, economic and environmental success.
Global demand for energy is expected to increase by 30% through 2040, almost a quarter of that total energy demand is expected to come from oil.By having access to new customers in new markets, Canadian oil producers will be able to get a better world price for their products.
The CAPP quotes Tim McMillan, its President and CEO, as stating: "This executive order for Keystone XL represents another major milestone for Canada as we look for market opportunities for our resources.
"Canadian resources have faced the disadvantage of being landlocked for too long, but that is starting to change.
"Today's announcement means responsibly-produced Canadian oil will have access to more markets, which means Canadians will be getting better value for their resources.
"As our largest trading partner, the relationship that Canadian producers share with the US is a critical one."
Read the article online at: https://www.worldpipelines.com/business-news/26012017/capp-comments-on-trumps-keystone-xl-decision/