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A new report by the Centre for International Governance Innovation is questioning the need for new pipelines to carry oilsands production to tidewater for export.
Rubin says overseas markets pay even lower prices for bitumen than in North America, so there is no economic case for additional pipeline capacity to tidewater or expanded oilsands production. He says international commitments to reduce global carbon emissions over the next three decades will also reduce the size of future oil markets.