The Financial Post reports in its Wednesday edition that lack of pipelines and massive discounts for Canadian heavy oil could cost the economy $15.6-billion this year. The Post's Geoffrey Morgan writes that Scotiabank economist Jean-Francois Perrault and Rory Johnson say, "Reliance on the existing pipeline network and rail shipments to bring Canadian oil to market has a demonstrable impact on Canada's well-being, with consequences that extend well beyond Alberta." The economists say the current $24 (U.S.) per barrel discount between Western Canada Select and West Texas intermediate oil prices would erase $15.6-billion from the economy this year. They note, however, that as more oil moves out of Canada on railway cars due to a lack of pipeline capacity, the discount between WCS and WTI should shrink to about $21.60 (U.S.). Scotiabank calls the delay of new export pipelines and the large discounts that it has triggered "a self-inflicted wound." The two economists say, "The sooner governments move to allow additional pipeline capacity to be built, the better off Canada will be." Ottawa has also recently unveiled a new review process for pipelines, which could complicate future assessments of new projects.