ALBUQUERQUE, N.M. (AP) _ A Canadian man accused of plotting to bomb the trans-Alaska oil pipeline on New Year's Eve has been indicted on terrorism charges by a federal grand jury, a federal prosecutor said Friday.

Alfred Heinz Reumayr allegedly planned to blow up the pipeline so he could reap windfall profits on oil futures when oil prices spiked up.

He chose Jan. 1 so the explosion would be blamed on Y2K computer problems, authorities said.

The indictment charges Reumayr, 50, of New Westminster, British Columbia, with eight counts, including acts of terrorism transcending national boundaries and attempting to destroy property with explosive devices, U.S. Attorney John Kelly said.

Reumayr, arrested Aug. 18 in Canada, could face life in prison if convicted.