In the lifespan of multibillion dollar projects, five years is a relative blink. It’s why committing to big infrastructure projects is so nerve-wracking–the world can change in a hurry. Consider that only five years ago, plans were in place to build a terminal outside Quebec City to receive liquefied natural gas from Russia. At the time, natural gas prices were close to double digits and the skies ahead looked clear and profitable. The shale gas revolution, of course, changed that essentially overnight. Prices have tumbled and North America, far from being an importer of natural gas, is now positioning itself as an exporter.
