There has rarely been a worse time to build pipelines in Canada than now. One wouldn’t surmise this from listening to the business elites of Toronto and Calgary, gung-ho for the newly approved Trans Mountain expansion, Line 3 replacement, and Keystone XL. Yet, economic conditions have changed greatly since the Keystone XL was first proposed nine years ago. The heated arguments surrounding the pipeline then cannot simply be warmed up again because the business arithmetic undergirding new export-pipelines no longer adds up like it once did. For all of the much-ballyhooed “public interest” that these projects supposedly represent, only a small segment of Canadian business will benefit and many pipelines will ship nothing but air.
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