I have to disagree with your logic, you assume that it's ONLY the regulatory hurdles these companies are being held back by, what you fail to note is that Oil was DOUBLE it's current price when the pipeline was first planned. Alberta oil is some of the most expensive to extract from the ground and has little to no profit at today's rate of about $50/barrel.

The market has been flooded by inexpensive oil from Middle Eastern countries as well as Russia and Venezuela (less them due to their ongoing crisis).

Until technology can somehow make it easier to extract, or the price goes up due to some shortage or catastrophic drop in production, Alberta oil will continue to be ignored.