Canada's Oilsands Industry Sees Renewed Hope With Pacific Link Pipeline Approval

Canadian Prime Minister Mark Carney recently announced that the Pacific Link pipeline, a proposed $1 million-per-day project from Alberta to British Columbia, has been deemed in the national interest. This designation will allow for a streamlined review process, shepherded by the Calgary-based major projects office.

The pipeline's success hinges on oilsands companies expanding their output, but Carney and Premier Danielle Smith emphasize that this time it will be different. The last boom from 2005 to 2015 came with severe cost inflation, labor scarcity, and housing shortages.

Since the last boom, oilsands companies have shifted focus towards tweaking existing operations rather than building new projects. However, with the Pacific Link pipeline taking a step forward and several Trudeau-era energy policies being undone, there is renewed hope for growth in the industry.