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MNI: Canada Can Backfill Russia Energy in Europe- Ex-Ministers

(MNI) Ottawa
(MNI)

Short-term pipeline constraints mean first moving product into U.S., former deputy PM McLellan says.

Canada looks set to ramp up production to displace Russian oil and gas in Europe and in the short run needs to send the product via pipelines into the U.S. to "backfill" that market as America's overseas exports climb, former ministers told MNI.

Different levels of government are starting to better coordinate approval of major energy projects according to Lisa Raitt, a former Conservative minister of natural resources, transport and labor who left Parliament in 2019. Even before the Russian invasion, central bank officials and private sector economists said Canada was losing potentially tens of billions of dollars a year after failing to develop pipelines to markets fetching the highest price.

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Canada looks set to ramp up production to displace Russian oil and gas in Europe and in the short run needs to send the product via pipelines into the U.S. to "backfill" that market as America's overseas exports climb, former ministers told MNI.

Different levels of government are starting to better coordinate approval of major energy projects according to Lisa Raitt, a former Conservative minister of natural resources, transport and labor who left Parliament in 2019. Even before the Russian invasion, central bank officials and private sector economists said Canada was losing potentially tens of billions of dollars a year after failing to develop pipelines to markets fetching the highest price.

Keep reading...Show less