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‘Canada is on sale’: Grim mood dominates energy industry’s biggest party amid oil glut, job losses

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Frustration is palpable among Canadian energy executives who have flocked to the annual Calgary Stampede celebrations

CALGARY — in Canada’s oil capital this week, even though a recent pipeline approval gives them something to celebrate amid the rodeo competitions, corporate parties and pancake breakfasts.

“The unpredictability of getting pipelines built has kept capital out of Canada and it’s not getting any better,” RS Energy analyst Samir Kayande told Reuters in a phone interview. Many feel if Alberta could increase market access by building more pipelines, producers could unlock billions more barrels of bitumen and boom times would return to Canada, home to the world’s third largest oil reserves.

The key word is “if.” One Calgary-based source at a major Canadian midstream company noted that he was in junior high when Keystone XL was first proposed, so he is skeptical about the recent Trans Mountain approval.

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