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New Pipelines Now Biggest Issue for Canada, Says Enbridge CEO

Jan 31, 2013
(Edmonton Journal)

EDMONTON - The current rock-bottom price for Canadian crude in the U.S. market is the No. 1 challenge facing the country today, leaving governments short of revenue and possibly leading to a big slowdown in future oilsands investment, the head of pipeline-builder Enbridge said Wednesday.

“Nobody’s making any more oil and gas, so we’d better get a fair value for it,” Al Monaco, Enbridge’s chief executive, told the Alberta Enterprise Group. “There is no more critical issue facing Canada today. Failure to develop a consensus around energy development will have serious consequences, for this generation and generations to come,” he said, adding the difference between Canada and U.S. crudes is costing governments and companies about $75 million each day.