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“The Americans are going to ramp up production, they’re going to use that refining capacity, they intend to export crude and LNG (liquefied natural gas). The energy landscape has changed entirely,” he said.

“Subject to those conditions I mentioned earlier, I would say (the chance of Keystone construction) is probably 50/50.”

Wihbey, a senior Liberal party official under former prime minister Pierre Trudeau, had strong words for Canada’s unwieldy method of approving pipelines and energy exports, calling it “a Third World system.”

“You all are a laughingstock and you permit it … You and your governmental leaders are the authors of your economic suicide, and that’s going to be self-evident when on the American side we start building pipelines from east to west.”

With the nationalist Trump administration’s plans to reduce restrictions on energy companies, cut taxes and boost American jobs, Canada must overhaul the National Energy Board and harmonize the competing jurisdictions that now have input on projects, he said.

“There has to be fast-tracked authority created to allow for the export of Alberta crude and LNG. Fundamentally, Canada has to make a decision — does it want to export crude from Alberta?”

Former premier Dave Hancock, who also spoke at the event, said it’s tough to know if Canada should be watering down environmental and business rules to keep up with changes the American government is likely to take.

“We’re not apologizing to the world. We have always had the toughest environmental regulations,” he said.

“I’m not suggesting we’re going to go backwards on that, but I am suggesting that we have to look very closely at the types of regulations that we put in place, and which ones actually help us meet our goals and which ones become barriers.”