Canada is looking to Europe for its future %CrudeOil exports as trade and political tensions with the U.S. continue to escalate.
In the midst of a federal election that will send voters to the polls on April 28, Canada’s Liberal and Conservative political parties are each talking about shifting oil exports to Europe.
In fact, each political party has gone so far as to outline plans to build oil and natural gas infrastructure and pipelines that will carry energy products to the East coast and onto Europe.
The targeting of Europe for future energy exports comes as the administration of U.S. President Donald Trump imposes 10% %Tariffs on Canadian oil and natural gas imports.
The Western Canadian province of Alberta is the largest exporter of crude oil to the US at about 4.3 million barrels per day. Alberta also exports huge amounts of natural gas stateside.
Liberal Leader and Canadian Prime Minister Mark Carney said in announcing the election that, “We will act to unlock major infrastructure projects and get them moving rapidly including clean and conventional energy, critical minerals, and build new trade corridors with reliable trading partners.”
For its part, the Conservative Party has unveiled plans to resurrect the 1.1-million barrel per day Energy East oil pipeline that would run from Alberta to Canada’s East Coast and reach Europe.
While the U.S. has been Canada’s traditional market for crude oil and natural gas, Canadians increasingly feel that the U.S. is no longer a reliable trade partner and neighbour.
“We are in a new world today and need to build new partnerships and new opportunities,” said Prime Minister Carney.
Building a pipeline from Alberta to Canada’s East coast is expected to take at least three years, according to government estimates.
There are 338 seats in Canada’s House of Commons that are up for grabs in the April election.
The latest polls show the Liberals and Conservatives in a statistical tie among decided voters with 39% support each.
The socialist New Democratic Party (NDP) is a distant third in the polls at 8.9% support.
