Canadian oil producers have repeatedly pushed for new oil transportation links and pipeline expansion projects in recent years without much avail. The massive Keystone XL pipeline project was halted by President Biden in 2021, leading Canada to be more pessimistic about its North American oil potential. However, the Trans Mountain conduit, which is set to start up next year, is expected to help Canada overcome its constrained pipeline capacity and open new markets.
The energy industry in Canada has long lamented the fact that the country is missing out on the global surge in LNG demand, first as a replacement for coal, and now, for Europe, as a replacement for Russian pipeline gas.