(Canadian Press/Larry MacDougal)

By Canadian Press

oil & gas

Pipelines needed to quell anxiety around Alberta oil prices

May 9, 2019 | 10:12 PM

An oilsands producer says fears of another Alberta oil price crisis are ebbing thanks to production cuts imposed by the former NDP government and the profitability of shipping crude by rail.

But Canadian Natural Resources CEO Tim McKay says anxiety about a return to the steep price discounts of last fall won’t disappear until new pipelines are built.

The CEO of Cenovus Energy said two weeks ago that higher prices from the production curtailments have helped boost royalties to Alberta’s treasury by billions of dollars.

But the production cuts are opposed by rivals such as Suncor Energy and Husky Energy as a Band-Aid solution that doesn’t address the real problem of insufficient pipeline capacity.

started may 9 around 5 a.m.

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(The Canadian Press)