Pipeline expansion could add $31 billion annually to Canada’s economy: report

CALGARY — Expanding oil pipeline capacity could boost Canada’s economy by more than $30 billion annually and support thousands of jobs, according to a new analysis from ATB Financial and Studio.Energy.

The report estimates additional export capacity could add an average of $31.4 billion in real GDP each year between 2027 and 2035, while supporting about 112,000 jobs annually across the country.

Researchers say increasing oil export capacity by roughly 1.5 million barrels per day would help address weak business investment and export levels, which have contributed to slow growth in GDP per capita.

The analysis argues expanded access to global markets, particularly in the Asia-Pacific region, would strengthen Canada’s economic position and reduce reliance on limited export routes.

“The best time to have built pipelines was yesterday, the second best time is today,” said Laila Goodridge, Member of Parliament for Fort McMurray–Cold Lake. “Boosting Canadian pipeline capacity is the best thing we can do to increase security and leverage abroad, and for creating wealth, jobs and affordability here at home.”

Peter Tertzakian, founder and CEO of Studio.Energy, says developing export infrastructure is essential to translating resource potential into economic growth.

The report also includes economic impacts tied to construction of the Pathways Alliance carbon capture project, linking future growth to both increased production and emissions reduction efforts.

ATB Financial chief economist Mark Parsons says expanding export capacity would improve Canada’s economic performance and global competitiveness at a time of increasing international competition.

Goodridge also criticized federal policy, saying “a decade of Liberal anti-development laws have been holding Canada back from the opportunity of a lifetime,” and called for Ottawa to “green light pipelines and get shovels in the ground.”

The findings are based on modelling by ATB Financial’s economics team using construction and production data from Studio.Energy.