The K.J. Gardner is the largest-ever spill response vessel in Canada. Photo courtesy Western Canada Marine Response Corporation
“A pipeline is going to find its way to tidewater based upon the safest and most efficient route,” he said. “The terminal part is relatively straightforward, whether it’s in Prince Rupert or somewhere else.” Under Canada’s Marine Act, the Port of Prince Rupert’s mandate is to enable trade, Stevenson said. “If Canada’s trade objectives include moving oil off the West Coast, we’re here to enable it, presuming that the project has a mandate,” he said. “If we see the basis of a project like this, we would ensure that it’s done to the best possible standard.”
in May 2024. As a result, the price for Canadian oil has gone up. The gap between Western Canadian Select (WCS) and West Texas Intermediate (WTI) has narrowed to about $12 per barrel this year, compared to $19 per barrel in 2023, according to GLJ Petroleum Consultants. Each additional dollar earned per barrel adds about $280 million in annual government royalties and tax revenues, according to economist Peter Tertzakian. THE ROAD AHEAD There are likely several potential sites for a new West Coast oil terminal, Stevenson said.
MARKET ACCESS LESSONS FROM TMX Like propane, Canada’s oil exports have gained traction in Asia, thanks to the expanded Trans Mountain pipeline and the Westridge Marine Terminal near Vancouver — about 1,600 kilometres south of Prince Rupert, where there is no oil tanker ban. The Trans Mountain expansion project included the largest expansion of ocean oil spill response in Canadian history, doubling capacity of the West Coast Marine Response Corporation. The Canada Energy Regulator (CER) reports that Canadian oil exports to Asia more than tripled after the expanded pipeline and terminal went into service
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