Latest news with #TransMountainExpansion
Cision Canada
6 days ago
- Business
- Cision Canada
Alberta's economy: Finding a footing in turbulent times
ATB Financial Quarterly Economic Outlook EDMONTON, AB, June 26, 2025 /CNW/ - ATB Financial's latest economic outlook shows a modest upgrade to the province's growth forecast, even as global trade negotiations and geopolitical tensions remain key sources of uncertainty. The report notes some de-escalation in trade tensions since the early spring, which offers a cautious improvement to the economic picture. While the broader trade landscape remains challenging, Alberta's economy continues to show a degree of resilience, underpinned by activity in residential construction, steady energy production, and sustained population growth. Real GDP is forecast to grow by 1.9% in 2025 and 2.2% in 2026. That's an upgrade from 1.5% and 1.9%, respectively, in March. "Alberta's economy is feeling the effects of the trade war, and the outlook for oil prices has softened. However, we expect that Alberta's economy will continue to weather the turmoil better than other provinces more exposed to U.S. tariffs," says ATB Financial's Chief Economist, Mark Parsons. "While population-driven demand and energy exports provide some foundational support, the unemployment rate is expected to remain elevated as employers remain cautious on hiring and more people enter the workforce." ATB Economics forecasts that the Alberta economy will outpace the expected Canadian growth of 1.0 per cent this year. Alberta's higher growth will be driven by home construction and energy production supported by the Trans Mountain Expansion. Natural gas producers will benefit from the start of LNG Canada and increased demand from AI data centres. A broadening of Alberta's economic base, with recent expansions in sectors such as food processing, petrochemicals, and technology, supports the longer term outlook. "While U.S. trade policy has been highly disruptive, it has also shone a spotlight on Canada's domestic challenges that long pre-dated President Trump's second term. In particular, there will need to be a sustained improvement in private capital investment in Alberta and Canada to drive future economic growth and productivity. Successfully fast-tracking major projects represents a clear upside to our forecast." added Parsons. While the path forward is not without its challenges, solid fundamentals support Alberta's medium term outlook, namely, abundant natural resources, a skilled and young workforce, and relatively affordable housing. About ATB Financial With $64.2 billion in assets, ATB Financial is a leading financial institution that started in Alberta with the focus of putting people first. Our success comes from our more than 5,000 team members who love to deliver exceptional experiences to over 835,000 clients across our Personal and Business Banking, ATB Wealth Management and ATB Capital Markets businesses. ATB provides expert advice, services and products through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres and our digital banking options. ATB powers possibilities for our clients, communities and beyond. ATB is bronze certified as part of the Partnership Accreditation in Indigenous Relations commissioned by the Canadian Council for Indigenous Business. More information about ATB can be found at General Disclosure ATB Financial's Economic Outlook is intended for general information and educational purposes only and should not be considered specific legal, financial, tax or other professional advice or recommendations. Information presented is believed to be reliable and up-to-date but it is not guaranteed to be accurate or a complete analysis of the subjects discussed. All expressions of opinion reflect the judgement of the authors as of the date of publication and are subject to change. The actual outcome may be materially different. ATB Financial and any of its affiliates are not liable for any errors or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by ATB Financial or any of its affiliates and related entities.
Time of India
24-06-2025
- Business
- Time of India
Alberta oil production creates new record in 2025, raises alarm over emissions and climate impact
Alberta's oilsands are set to hit record-breaking production levels this year, reaching an average of 3.5 million barrels per day, according to a new forecast by S&P Global Commodity Insights. That marks a five per cent increase from 2024 and could rise to 3.9 million barrels per day by 2030. However, as production booms, greenhouse gas emissions are also rising, fueling concerns from environmental groups and communities already struggling with the impacts of climate change . Reason for the record oil production by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The rise in oil output isn't being driven by new megaprojects, but instead by quiet, incremental changes like debottlenecking, upgrades to equipment, and other optimizations at existing facilities. 'The increased trajectory for Canadian oilsands production growth amidst a period of oil price volatility reflects producers' continued emphasis on optimization and the favourable economics that underpin such operations,' said Kevin Birn, chief Canadian oil analyst at S&P Global, in a statement. Live Events Birn noted that producers are finding ways to cut downtime and increase efficiency, drawing from Alberta's massive oil reserves. In communities like Fort McMurray, oil means employment and stability. But many workers are conflicted. Indeed, Alberta's wildfires have grown more intense and frequent. Scientists and activists link them directly to rising greenhouse gas emissions, many of which are tied to the oilsands. 'We can't lose sight of the fact that greenhouse gas emissions from the oilsands are also hitting record levels,' said Keith Stewart, senior energy strategist with Greenpeace Canada . 'The consequences are all around us in the climate change-fueled wildfires, heatwaves, and extreme weather that are disrupting lives and the economy.' He added, 'This is why the federal government needs to implement its long-promised cap on greenhouse gas emissions from the oil and gas sector.' A volatile market This year, North American oil prices have fluctuated wildly, briefly hitting $75 per barrel before dropping below $60. The swings are driven largely by geopolitical tensions and conflicts in the Middle East. Even so, the oilsands remain profitable, thanks to low break-even costs. The recent launch of the Trans Mountain Expansion pipeline, which began operating in 2024, has helped boost Canada's export capacity, further supporting production increases. Still, questions remain about how long the growth can last. S&P Global expects oilsands production to plateau later this decade, as physical, economic, and environmental constraints set in. Meanwhile, Alberta's decision this month to eliminate its gas flaring limit, after exceeding it for two years in a row, has raised alarms among climate scientists. Methane emissions from oilsands tailings ponds are also under renewed scrutiny, with new studies showing they may be far higher than previously estimated. As oil production in Alberta climbs, so too does the pressure for a federal emissions cap, stricter methane regulations, and a clearer path forward.
Time of India
10-06-2025
- Politics
- Time of India
Poilievre pushes for national projects: Another bold vision or a desperate bid to stay relevant?
Conservative Leader Pierre Poilievre stirred the political waters at a federal news briefing on Monday(June 9), insisting that Canada should press ahead with major projects, such as a new oil pipeline to tidewater, even without unanimous agreement among provinces or stakeholders. 'We've got to get it done… we need a pipe,' Poilievre said on Parliament Hill. 'At the end of the day, if you wait until everybody agrees on everything, nothing will happen.' Play Video Play Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 30:17 Loaded : 0.59% 00:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 30:17 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses Thailand (Prices May Surprise You) Container House | Search ads Search Now Undo Mark Carney's new legislation His remarks come in response to Prime Minister Mark Carney's new legislation aimed at facilitating interprovincial trade, labour mobility, and expediting 'national interest' projects. Carney's plan doesn't specify which projects it targets but emphasizes that any initiative moving forward must respect provincial consent. Live Events Response from Alberta Premier Danielle Smith That stance drew a sharp response from Alberta Premier Danielle Smith, who sees the bill as vital nation‑building, and from BC Premier David Eby, who rejected it, noting that the Trans Mountain Expansion already exists. When asked if a federal override was appropriate when premiers clash, Poilievre replied simply: 'No.' 'You're never going to get everybody to agree on every single project,' he said, urging a bold push for pipelines that grant Canada access to Pacific markets to diversify beyond reliance on the US. Echoes of that urgency came from Ontario Premier Doug Ford, who criticized a two-decade drought in pipeline construction and plans to travel to Alberta 'next week to promote pipelines.' Nova Scotia's Tim Houston likewise urged 'cooperation,' but hinted that a nationwide majority should not be stifled by a single holdout. For Canadians tired of deferred infrastructure and rising export revenues, Poilievre's approach reads as a refreshingly straightforward solution. But critics argue that bypassing provincial consent could escalate regional tensions, particularly in provinces with strong environmental mandates like BC. Poilievre under trouble? The stance comes amid turbulence within Poilievre's ranks. Though he led the Conservatives to their highest popular vote in decades (41.3 percent) and 144 seats, the party still fell short of power, Liberal newcomer Mark Carney returned as the Prime Minister of Canada. Adding insult to the injury, Poilievre lost his own Ottawa-area riding of Carleton to Liberal Bruce Fanjoy, a rare blow to a party leader. He's now poised to re-enter Parliament via a rural Alberta by-election later this summer in the safe Battle River–Crowfoot seat after MP Damien Kurek steps down. By weathering these setbacks and standing firm on controversial national projects , Poilievre hopes to reshape his image from embattled populist to assertive nation-builder.
Calgary Herald
20-05-2025
- Business
- Calgary Herald
Breakenridge: New pipelines will be decided by the market, not by Steven Guilbeault
It is quite striking to see how Canada's new minister of Canadian Identity manages to be so clueless and tone deaf when it comes to certain parts of the country. That's especially true, it seems, when it comes to the current mood and political situation here in Alberta. Article content Article content It's unlikely that Steven Guilbeault is intentionally handing ammunition to Alberta separatists or helping their cause, although he'd be high on the list of prominent Liberals you'd suspect wouldn't be sad to see Alberta leave. Either way, we could do with a whole lot less of him right now. Article content Article content Guilbeault is no longer Environment minister, and is not and was not ever the minister for Natural Resources, so it's unclear why he feels the need to continue to weigh in on such matters. He also presumably does not speak on behalf of the prime minister on these files, but the prime minister has kept Guilbeault as a senior minister and has not rebuked any of his comments. Article content Article content The comments in question concern the future of energy infrastructure in Canada, and specifically the likelihood that we'll see any new pipelines constructed. Ultimately, the market will (or should) dictate the question of what's needed and what's economically viable, but apparently Guilbeault has it all figured out. Article content According to the minister, we will see in a few years that 'demand for oil will peak globally and it will also peak in Canada.' Therefore, he argues, 'before we start talking about building an entirely new pipeline, maybe we should maximize the use of existing infrastructure.' Article content Article content Specifically, he pointed to the Trans Mountain Expansion project (TMX), which he claimed was operating at 'about 40 per cent capacity.' Article content In fact, TMX is operating at about double the capacity cited by Guilbeault, a fairly significant error that very much undermines his point. It would also be fair to note that if the minister had his way, it's unlikely that TMX would exist in the first place. Article content It should also be noted that other forecasts concerning global oil demand envision a much longer timeline to peak demand than the one cited by Guilbeault. As well, the decision as to whether demand for oil and our ability to move that product justifies investment in new pipeline infrastructure is one for the private sector to make.
Epoch Times
15-05-2025
- Business
- Epoch Times
It's Time Canada Saw Energy as Power, Not as a Liability
Commentary As Prime Minister Mark Carney met with U.S. President Donald Trump recently, energy should have been the issue behind every headline, whether mentioned or not. Canada's future as a sovereign, economically resilient country will depend in no small part on whether the country seizes this moment or stalls out again in a fog of regulatory inertia and political ambivalence. Canada holds an underleveraged strategic card: the potential to be the world's most reliable democratic energy supplier. Recent trade figures show Chinese imports of Canadian crude hit a record 7.3 million barrels in March, a direct result of newly expanded access to the Pacific via the Trans Mountain Expansion (TMX), a federally owned pipeline project that now connects Alberta crude to global markets through British Columbia's coast. But one pipeline does not make a national strategy. Demand in Asia is growing fast. India is among the hungriest, but Canada's infrastructure is nowhere near meeting that demand. This matters not just for Canada, but for the United States as well. In a world where energy markets are weaponized and strategic reserves manipulated by authoritarian regimes, the case for a coordinated North American energy alliance is stronger than ever. Such an alliance should not erode national sovereignty. It should reinforce it, allowing Canada, the United States, and Mexico to insulate themselves collectively from supply shocks and geopolitical blackmail while projecting democratic strength abroad. But for that alliance to work, Canada must be a credible partner, not merely a junior supplier shackled by Ottawa-induced internal bottlenecks. While the United States has leveraged its shale revolution, LNG capacity, and permitting reforms to pursue energy dominance, Canada dithers. Projects languish. Investment flees. And meanwhile, Canadian oil continues to flow south at a steep discount, only to be refined and resold, often back to us or our trading partners, at full global prices. Yes, you read that right. Canada's oil and gas is sold at a discount to U.S. customers, and that discount costs Canada more than $70 million every single day. The Frontier Centre for Public Policy has developed a real-time Related Stories 1/22/2025 2/15/2024 Such massive losses should be unacceptable to any government serious about economic growth, geopolitical influence, or environmental integrity. Yet Ottawa continues to speak the language of ambition while legislating the mechanics of paralysis. Canada's energy infrastructure challenges are not just economic; they are matters of national defence. No country can claim to be secure while relying on another's pipelines to transport its energy across its own territory. No country can afford to leave its wealth-producing regions boxed in by regulatory choke points or political resistance dressed as environmental virtue. Our energy economy is fragmented. Western hydrocarbons are stuck inland and must pass through the United States to reach Eastern Canada or global markets eastward. This weakens national unity and leaves us exposed to foreign leverage. It also creates strategic vulnerabilities for our allies. American industries depend on Canadian crude. So do U.S. Gulf Coast refineries. And while American officials continue to treat energy as a tool of diplomacy and economic leverage, using energy exports to build alliances and reduce reliance on unstable regimes, Canada treats it as a domestic liability. We need to shift the frame. Infrastructure isn't just about steel in the ground; it's the backbone of strategic autonomy. Pipelines, export terminals, and utility corridors would allow Canada to claim its place in the emerging geopolitical order. They would also signal to global investors that Canada is open for business and capable of delivering returns without political obstruction. The United States wants a stable, competent partner to help meet global energy needs. Increasingly, so does the rest of the world. But until we address our internal dysfunction and build, we're stuck. Stuck watching global opportunities pass us by. Stuck selling low while others sell high. Stuck in a conversation about sovereignty we're not structurally equipped to address, let alone win. When Carney meets with Trump again, he would do well to remember that economic independence, not rhetorical unity, is the bedrock of sovereignty. Without infrastructure, Canada brings only words to a hard-power conversation. Paraphrasing Thomas Hobbes, energy covenants without infrastructure are but words. It's time to stop posturing and start building. Marco Navarro-Genie is the vice-president of research at the Frontier Centre for Public Policy. He is co-author, with Barry Cooper, of Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.
