|Photograph by: Los Angeles Times, TransCanada Corp.|
Alberta should build more value-added industry as it develops its oilsands resources, an economist said Wednesday, but that doesn't mean it won't still need improved pipeline access to the United States.
In a research report to be published today, TD deputy chief economist Derek Burleton warns failing to build the controversial Keystone XL pipeline to export oilsands bitumen to the U.S. Gulf Coast will result in stranded resources and lower prices for Alberta products.
Earlier this week, former Alberta premier Peter Lougheed said he opposes shipping raw bitumen to the United States, arguing that building new upgrading capacity in the province will result in jobs and economic benefits.
Burleton said he agrees, but only to a point.
"Ideally, I think we need to see both," he said in an interview. "In theory it's a great idea but there's probably an economic reason why there still is a need to send raw bitumen down to the United States.
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