The Trans Mountain Expansion will leave a lasting economic legacy, according to an impact assessment conducted by Ernst & Young in March 2023. In addition to $4.9 billion in contracts with Indigenous businesses during construction, the project leaves be- hind more than $650 million in benefit agreements and $1.2 billion in skills training with Indigenous com- munities. Ernst & Young found that between 2024 and 2043, the expanded Trans Mountain system will pay $3.7 billion in wages, generate $9.2 billion in GDP, and pay $2.8 billion in government taxes.
“BOTH INDIA AND CHINA ARE LOOKING TO ADD MILLIONS OF BARRELS A DAY OF REFINING CAPACITY THROUGH 2030.”
$20 lower than West Texas Intermediate (WTI) “to reflect these hurdles,” analyst Marc Ercolao wrote in March. “That spread should narrow as a result of the Trans Mountain completion,” he wrote. “Looking forward, WCS prices could conservatively close the spread by $3–4/barrel later this year, which will incentivize pro- duction and support industry profitability.” Canada’s Parliamentary Budget Office has said that an increase of US$5 per barrel for Canadian heavy oil would add $6 billion to Canada’s economy over the course of one year.
“OIL DEMAND GLOBALLY CONTINUES TO GO UP,”
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