Yahoo Finance: 'The shock to commodities from Russian President Vladimir Putin's invasion of Ukraine will speed up global efforts to abandon fossil fuels, and cement Canada's role as a stable source of oil and gas in what's expected to be a decades-long energy transition. That's the view from Horizons ETFs Management Canada, one of the country's top exchange-traded fund providers with nearly $22 billion in assets under management.
'The prospect of Russian oil being ostracized by a growing number of importing nations raises questions about Canada's role in shoring up global supply. Canada is the world's fourth-largest oil producer, with output of more than five million barrels per day, and the biggest foreign supplier of crude to the U.S. Alberta Premier Jason Kenney recently urged the United States to revive the Keystone XL pipeline project, which President Biden effectively killed on his first day in office due to environmental concerns.
'TC Energy (TRP.TO)(TRP), the pipeline's owner, has said the project will not move forward. Mark Little, chief executive officer of Canadian energy giant Suncor (SU.TO)(SU), said in an interview with CBC News earlier this week that Canada's oilpatch has the capacity to move additional crude into the U.S. However, Natural Resources Minister Jonathan Wilkinson has downplayed Canada's ability to quickly ramp up exports. Canada has limited pipeline capacity running south, and only one export pipeline to its coast, the Trans Mountain line in British Columbia.'