Friday, October 24th0.6°C
23888
22916

Plans to pipe oilsands crude to Quebec would barely benefit province: report

MONTREAL - A new report says proposals to pipe oilsands crude to Quebec refineries would only deliver negligible economic benefits to the province.

An economist who co-authored the study says job creation and spinoffs from several active pipeline-and-processing proposals would be insignificant to Quebec's overall economy.

At the same time, Brigid Rowan says a pipeline accident could cost lives and put taxpayers on the hook for billions of dollars — particularly if a spill takes place in an urban area like Toronto or Montreal.

The report was conducted by California-based consulting firm The Goodman Group Ltd. at the request of the Greenpeace and Equiterre environmental organizations.

The study examined possible economic advantages of the Energy East pipeline project by TransCanada Corp. (TSX:TRP), a plan by Suncor Energy Inc. (TSX:SU) to enable its Montreal refinery to process thick oilsands bitumen and the Line 9 reversal by Enbridge (TSX:ENB).

Rowan argues that even if all of these projects moved forward, they would generate few long-term jobs in Quebec.

She also says while refiners would likely benefit from the lower-priced crude, the savings probably wouldn't be passed on to consumers at the pump.

Earlier this year, the National Energy Board approved Enbridge's controversial plan to reverse the flow and increase the capacity of Line 9, a project that would transport crude eastward to refineries in Ontario and Montreal.

The board said its decision would allow Enbridge to "react to market forces and provide benefits to Canadians, while at the same time implementing the project in a safe and environmentally sensitive manner."

The federal government welcomed the decision, saying the project would protect high-quality refining jobs in Quebec, open new markets for oil producers in Western Canada and replace more-expensive foreign crude.

Opponents of the Line 9 project often highlight Enbridge's 2010 spill in Michigan, where 20,000 barrels of crude leaked into the Kalamazoo River.

The Canadian Press


Read more Business News

23833


Recent Trending




Today's Market
S&P TSX14540.81+53.979
S&P CDNX805.01-3.59
DJIA16764.2586.35
Nasdaq4468.739+15.947
S&P 5001959.47+8.65
CDN Dollar0.8914+0.001
Gold1230.50+1.40
Oil80.83-0.92
Lumber334.60+5.00
Natural Gas3.56-0.062

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.14-0.03
Cantex0.07+0.015
Anavex Life Sciences0.195-0.003
Metalex Ventures0.045+0.005
Russel Metals33.43+0.27
Copper Mountain Mining2.05-0.03
Colorado Resources0.14-0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.410.00

 





FEATURED Property
2096451#406 3220 Skyview Lane
2 bedrooms 2 baths
$236,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22632