0 Guest Sam Bouman Posted June 19, 2019 Share Posted June 19, 2019 Quote Link to comment Share on other sites More sharing options...
0 Djamel Brahimi Posted June 19, 2019 Share Posted June 19, 2019 Yesterday the Canadian government approved plans for a pipeline expansion on Alberta that was quite urgent in its need. The region was unable to produce as much oil as there was not enough pipes necessary to transport and store it meaning that they had a backlog, this in turn led to the oil that they did have being sold at a discount due to the need to move it out of the way. Now that the plans have been approved and work can start on the expansion what does this mean for the Canadian economy going forward? Well firstly it will provide a boost to the economy with recent data coming out saying that the lack of pipeline expansion was costing the Canadian economy billions each year. Secondly they will be able to produce more oil which will also give the economy a healthy boost. Finally once Canada is at a level where there production is back to normal it will once again allow for oil prices to become more correlated with the Canadian dollar once more due tas the country has the second largest oil reserves in the world. Quote Link to comment Share on other sites More sharing options...
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