Kenney’s Keystone XL Buy-In Will Ultimately Pay Off, Experts Say

A dump truck works near the Syncrude oilsands extraction facility near the city of Fort McMurray, Alberta, in a file photo. The Canadian Press/Jason Franson

As rock-bottom oil prices collided with Canada’s economic shutdown over measures to slow the COVID-19 outbreak, Alberta’s moribund oilpatch got a boost from the province’s taxpayers in what industry-watchers agree is smart policy.

On March 31, Alberta Premier Jason Kenney formalized a $1.5 billion equity stake and a $6 billion loan guarantee for the on-again-off-again Keystone XL pipeline.