Update:RECASTS with focus on price of oil – CP

Source: The Canadian Press – Broadcast wire
Jan 18, 2016

SAINT ANDREWS, N.B. – Canada’s natural resources minister says the low price of oil hasn’t deterred the government’s goal of moving resources to tidewater.

The price of oil on the international market has declined along with the value of the Canadian dollar and delivered a financial hit to resource-rich provinces like Alberta.

And now the market is preparing for a flood of Iranian oil after the United States and the European Union lifted economic sanctions against Iran.

Natural Resources Minister Jim Carr says the low price for oil is a reality the government has to deal with as it crafts a new process to approve pipelines that would carry oil to Canada’s coasts.

He says Canadians need to have confidence in whatever review process is ultimately approved.

He says the price of oil is having an impact on families, investors and businesses.

(The Canadian Press)

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