The Trans Mountain Pipeline, a key project for Canada's oil industry, is expected to drive Canadian oil prices to a three-year high as its startup may coincide with oil-sands maintenance. This development comes at a time when US Midwest refiners are increasingly relying on Canada's affordable crude oil. Concurrently, Canadian oil and gas producers are ramping up their spending, according to an industry group. However, the project's expansion faces financial challenges, with costs escalating significantly beyond initial projections. The Canadian government-owned company overseeing the project has reported that the expansion will cost approximately $2.3 billion more than estimated in May. This adjustment raises the total cost of the pipeline project to about $34 billion, starkly exceeding the original estimate of $5.4 billion. Trudeau's pipeline project increases cost estimate by $3.1 billion.
"That brings the total cost for Trudeau's pipeline to about $34 billion, more than six times the original estimate of $5.4 billion." https://t.co/MQ070CZhlt
Trudeau's pipeline project increases cost estimate by $3.1 billion https://t.co/xbQkzp9vSt
#Canada: Trudeau’s Pipeline Project Increases Cost Estimate by $2.3 Billion #oott https://t.co/a74VoWz1Vg
The expansion of the Trans Mountain oil pipeline will cost about $2.3 billion more than the Canadian government-owned company running the project projected in May https://t.co/vCav2Z6WAW
Canadian oil and gas producers bump up spending, industry group says #oott https://t.co/9xef6bifip
#Canada: Trans Mountain Pipeline Seen Driving Canadian Oil to Three-Year High Trans Mountain startup may overlap with oil-sands maintenance US Midwest refiners rely heavily on Canada’s cheap crude #oott https://t.co/IDRmBIV4ps