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.
He says that’s why Western Canadian Select is now selling at a $22-a-barrel discount to West Texas Intermediate, the North American benchmark.
McTeague says Energy East had the potential of creating 14,000 jobs and $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.
McTeague adds it’s a shame because Canada’s stewardship of its oil industry is among the best and second-to-none in the world.
