The death of the Energy East Pipeline project in 2017 is being called a “massive lost opportunity of this generation and next” by a senior petroleum analyst.
Dan McTeague with Gasbuddy.com says as a result Canadian resources are being severely undervalued.
“Western Canadian Select, the heavy oil that we use in Canada… which of course is heavily favoured in the U.S. and to a lesser extent around the world… is now selling at a 22 dollar-a-barrel discount to West Texas Intermediate, the benchmark for North America,” he notes.
McTeague says Energy East had the potential of creating 14,000 jobs and roughly $15 billion in economic revenue which he adds is now lost to other countries who will continue to supply the rest of the world with their oil.
