The Globe and Mail reports in its Saturday edition that frustration is palpable among Canadian energy executives who flocked to the annual Calgary Stampede celebrations in Canada's oil capital last week, even though a recent pipeline approval gives them something to celebrate. A Reuters dispatch to The Globe says that federal approval of the Trans Mountain expansion was a boost for the battered industry. On top of that, crude oil prices have stabilized, an aggressively pro-energy party has come to power in Alberta and overall production in the country is around five million barrels per day. Yet millions of barrels of crude remain in storage because of stubborn delays in pipeline expansion caused by legal challenges from environmental and indigenous groups. Foreign investment in the energy industry is down sharply. Canadian energy capital investment in 2019 is forecast to be $37-billion, less than half its level of $81-billion in 2014. TC Energy's Keystone XL, Enbridge's Line 3 and the federally owned Trans Mountain expansion have all been delayed for years by legal and regulatory challenges. Enbridge's existing Line 5 pipeline is also facing legal challenges in Michigan over its underwater crossing in the Great Lakes.
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