A report by Scotiabank estimates that the price of pipeline delays are costing the Canadian economy billions. Pipeline bottlenecks and an inability to reach new markets means that oil produced in Canada is being sold at a discount. This discount amounted to about $15.6 billion lost to the economy last year, and Scotiabank anticipates that Canada will lose another $10.7 billion in 2018.
“Pipeline approval delays have imposed clear, demonstrable and substantial economic costs on the Canadian economy,” said Scotiabank chief economist Jean-Francois Perrault in the report.
Learn more: Listen to this radio interview of GlobalNews Rob Breakenridge speaking with Scotiabank Commodity Economist Rory Johnston
