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Tuesday, October 22, 2013

Shale Gas "A Game Changer" According To Scotiabank Chief Economist

The Chief Economist of Scotiabank, Warren Jestin in town to talk to the Saint John Board of Trade about how the economy is looking next year. 

Jestin says there will be stronger economic growth in the New Brunswick economy because of growth in the U.S. but it won't be what you would call robust. 

Jestin tells CHSJ News the economic case for shale gas exploration is compelling. It has been a game changer for the U.S with increased production of not only natural gas but oil as well to the point where the Americans will be self sufficient in a few years time. 

He adds the environmental concerns are an entirely different matter and the industry has to do a better job of answering those.

Jestin also maintains Saint John has a good opportunity to benefit from the Energy East pipeline because of the Irving Oil refinery and the fact demand in the U.S. for Canadian oil is falling because of shale gas so new markets have to be found. 

Detractors claim the oil will be exported from Saint John but that won't benefit the local economy as much as some people would have you believe.