If approved, the project would see an additional 590,000 barrels of Western Canadian crude oil transported to refineries in Canada, the U.S. and other Pacific Rim countries.
“Bolstered market access for Canada’s energy is critical to create jobs and provide economic benefits for all Canadians,” said CAPP vice-president Greg Stringham.
Today virtually all Canadian oil exports go to the United States and it is valuable for the oil industry and governments to have access to more than one market. CAPP supports increased access to markets in Eastern Canada, the United States and the rapidly growing markets in Asia because it would help ensure Canada receives world prices for oil, a significant export commodity.
“The Trans Mountain project expands an existing pipeline that has provided needed energy to North Americans safely and securely for almost 60 years, and represents one of several transportation infrastructure projects needed to help Canadians realize full value and benefits for the resources they own,” said Stringham.
“From the production of the resource, through transportation and delivery to markets in Canada and abroad, oil producers will work collaboratively with pipeline proponents, governments and communities to ensure world-class land and marine safety standards are met.”
According to the Canadian Energy Research Institute, employment in Canada as a result of new oil sands investments alone is expected to grow from 75,000 jobs in 2010 to 905,000 jobs in 2035, with 126,000 jobs being sourced in provinces other than Alberta.
New oil sands development is expected to contribute over $2.1 trillion to the Canadian economy over the next 25 years. Conventional crude oil production is also increasing, according to the 2013 CAPP Crude Oil Forecast, positioning Canada as the preferred supplier to North American and global energy markets.
“The expectations we have of ourselves are high and so are the benefits for all Canadians as we continue to work to achieve safe access to new oil markets,” Stringham said.