Analyst Says Western Pipelines May Help Energy East

Posted on Thursday, December 1, 2016 06:01 AM

Ottawa's approval of two western pipelines is a positive step for Canada according to a senior petroleum analyst.

Dan McTeague says the go-ahead will mean a boom in construction jobs, investment and more revenue for the federal government.

McTeague also believes it should be a good sign for the proposed Energy East pipeline which would bring Alberta crude to Saint John's Irving Oil refinery.

"This may well help us a little bit on the Energy East pipeline which I think is just as important to get our pipelines established so that eastern Canadian refineries can take advantage of Canadian oil," he notes.

McTeague adds these pipelines are crucial for Canada to export its oil to markets beyond the United States and to get a better price for a commodity which is now heavily discounted.