06:24:58 EDT Thu 28 Mar 2024
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Enbridge Inc
Symbol ENB
Shares Issued 1,695,000,042
Close 2018-04-18 C$ 41.80
Market Cap C$ 70,851,001,756
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Globe says Enbridge, rivals hear Quebec plans oil cuts

2018-04-18 08:21 ET - In the News

Also In the News (C-SU) Suncor Energy Inc
Also In the News (C-TRP) TransCanada Corp

The Globe and Mail reports in its Wednesday edition that Quebec Premier Philippe Couillard announced Tuesday his goal of cutting oil consumption in the province's transportation sector by 40 per cent below 2013 levels by 2030. The Globe's Konrad Yakabuski writes that he doubts the target can be met without slapping punitive taxes on gas-guzzling SUVs and trucks. For the nearly two decades until 2016, almost all of the oil Quebec consumed came from overseas producers. Algeria was the main source of oil used in Quebec for several years. That changed last year with the reversal of Enbridge's 9B pipeline. Not only did oil imports drop 26 per cent from 2016, but the United States displaced Algeria as the main source of foreign oil. Most of Quebec's oil now consists of conventional light crude from Alberta and shale oil from the United States. The defunct TransCanada project could have transported Alberta oil to Suncor's Montreal refinery and Valero's Saint-Romuald, Que., facility and allowed the province to eliminate its use of foreign crude entirely. Despite Mr. Couillard's ambitious goals, Quebec will still be using a lot of oil in 2030. Would he rather the province get it from Algeria or Alberta?

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