Global Markets: Alberta could restrict oil exports to B.C.

By Commodity News Service Canada

WINNIPEG, Mar. 9, 2018 – A new report by the Conference Board of Canada says the country’s economy would only contract by 0.5 per cent if the North American Free Trade Agreement is terminated. U.S. President Donald Trump has threatened to scuttle the agreement if Canada and Mexico don’t sign onto a new deal soon.

The Alberta government is ratcheting up the tension in a dispute over a rival province’s efforts to halt expansion of a major pipeline. In Thursday’s throne speech, Alberta threatened to restrict the amount of oil that heads to B.C. in response to that province’s objections over the Trans Mountain Pipeline Project. B.C. says it worries the new pipeline expansion poses threats to its coastline and has proposed several restrictions to the work. Alberta says the project is vital to Canada and millions of dollars are being lost to the country by the current bottlenecks in the system.

A new report from the U.S. Labour Department says the country added 313,000 new jobs in the month of February. The hourly wage also grew by 0.1 per cent. The news has prompted speculation the U.S. Federal Reserve may hike the interest rate in response.

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