The Situation in Venezuela Is Driving Canada's Energy Transition; Experts Call for Accelerating Construction of the Pacific Pipeline
Economists and commodity analysts believe that the U.S.-led upheaval in Venezuela should prompt Canada to act with greater urgency to build another crude oil pipeline connecting oil-rich Alberta to the Pacific coast.Derek Holt, an economist at Scotiabank, said that building a new pipeline to the Pacific would be a prudent move given President Donald Trump’s efforts to secure Venezuela’s oil reserves of over 300 billion barrels.Holt pointed out that Donald Trump might push for the diversion of Venezuelan oil originally destined for China to the United States, “thereby squeezing Canadian oil’s market opportunities in the U.S. and opening up opportunities for Canada to export to Asia.”
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