Take Stock – July 17

Oil pipeline projects under construction are expected to ease capacity constraints as early as the fourth quarter of 2009, the National Energy Board said in a report released Thursday.

New oil pipeline expected to ease capacity constraints

Oil pipeline projects under construction are expected to ease capacity constraints as early as the fourth quarter of 2009, the National Energy Board said in a report released Thursday. The independent federal agency said while capacity was tight on some oil pipeline systems last year, additional capacity is nearing completion.

“We’ve seen capacity constraints on oil pipelines for the past several years,” said NEB chair Gaetan Caron. “This will change toward the end of 2009 and into 2010 when pipelines previously approved by the Board begin operations.”

The fifth annual Canadian Pipeline Transportation System report said approximately $127 billion worth of products moved through NEB-regulated pipelines to markets at home and in the United States in 2008. It said there was “adequate capacity” in place on existing natural gas pipelines in 2008.

In fact, gas pipelines had excess capacity even during the peak winter season, the report said.

Overseas travel down in May: Statscan

Overseas travel both to and from Canada decreased in May.

Statistics Canada reports travel from overseas countries declined 7.8 per cent from April to 342,000 trips. The agency says 11 of the top 12 overseas markets dropped, with Japan recording the largest decline at 34.6 per cent. Canadians made 633,000 trips to overseas countries in May, down 9.8 per cent from April, the largest monthly percentage decline since April 2003. Travel from the United States to Canada fell 1.1 per cent to about 1.9 million trips. American residents took just over a million overnight trips to Canada in May, down two per cent. Canadian residents took nearly 3.3 million trips to the United States in May, up 1.2 per cent from April.

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