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“This decision sets the stage to significantly increase the capacity of the existing, base Keystone system – which carries Alberta crude oil from Hardisty to refineries in the U.S. Midwest and Gulf Coast. This is excellent news for Canada’s energy sector, and hard-working people and families on both sides of the border who benefit from continued North American energy security and interdependence.
“A major factor in our successful economic recovery is the continued success of our foundational oil and gas sector. And that success largely hinges on resolving the long-standing challenge of market access, driven by a lack of pipeline capacity.
“While the construction of new pipelines – including Keystone XL, the Trans Mountain expansion project, and Enbridge Line 3 – is the only truly effective long-term solution, any and all initiatives that increase the volume of crude we transport internationally will aid our recovery. Increasing our ability to ship oil to key markets will help protect the value of our energy resources and attract new investment, in turn, creating jobs for hard-working Canadians.
“Moving forward, there is no doubt that oil and gas will continue to dominate the energy supply mix for the next several decades. In fact, IHS Markit has just projected that oilsands production, led by Alberta, will reach 3.8 million barrels per day by 2030, almost 1.1 million barrels per day higher than today’s levels.
“Furthermore, providing our American neighbours with more Canadian oil means they become less reliant on resources that come from countries that don’t share our commitment to social and environmentally responsible energy development.
“As stated in Alberta’s Recovery Plan, the oil and gas industry will remain a pillar of our economy. At the same time we are also setting an unprecedented path toward a new, innovative and diversified energy future. This includes capitalizing on opportunities in the natural gas, hydrogen and petrochemical sectors, as well as emerging areas such as geothermal energy.
“Our government is, and will continue to be, relentless in pursuing our goals of economic diversification, job creation and improving Alberta's financial well-being as we emerge from this economic crisis."