Canada’s LNG outlook.
Canada hopes to join the ranks of the world’s major liquefied natural gas (LNG) exporters. The industry could draw tens of billions of dollars in investment and help Canada send more of its natural resources to Asia’s energy-hungry markets, a key foreign policy goal for Prime Minister Justin Trudeau’s government. However, those hopes have taken a hit as rival US LNG projects race ahead and the global gas market goes through a supply glut.
- As the market dims British Columbia’s LNG hopes, it will take some of the urgency out of what has been a divisive local political issue.
- Without an LNG export option, Canada’s emerging shale gas industry would see drilling activity slow on continued low prices.
- US efforts to squeeze lumber imports from Canada will weigh on British Columbia’s economy as well as energy export development delays.