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Squamish, Tsleil-Waututh First Nations react to Kinder Morgan pipeline decision
31 May 2018, 05:18 | Cedric Leonard
Alberta has been lobbying the federal government to force B.C.'s hand in agreeing to project
If the federal government manages to overcome strong opposition in British Columbia and complete construction of the Trans Mountain pipeline expansion, experts say it will have an asset that will be of great interest to potential buyers.
Canadian Finance Minister Bill Morneau had proposed three options to further the pipeline's expansion; however, the government made a decision to purchase the cross-provincial pipeline and all of Kinder MorganCanada's core Trans Mountain assets through a newly established crown corporation.
"Pipelines always spill. We don't know what's going to happen when bitumen spills into tidewater, into salt water we just don't know the science isn't there", Bigland-Pritchard said. The overwhelming majority of Canada's oil exports are sold to American refiners at a discount to worldwide benchmarks, reducing fuel prices for American consumers and income for Canadian producers.
British Columbia insists the sale of Kinder Morgan Inc.'s pipeline to Canada's federal government won't sway its opposition to a project seen as a lifeline to the nation's oil industry.
Amid the feuding, the pipeline has become a barometer for foreign investments in Canada, with some warning of a spillover into other sectors of the economy. Completing the expansion of the line to triple its capacity will cost an terrible lot more - the estimate now is $7.4 billion and costs could well escalate with further delay.
Mackenzie MP Chris Warkentin as one of those unhappy with the federal government's purchase of the Trans Mountain Pipeline.
Prime Minister Justin Trudeau's government has just signed up to captain the Titanic of tar sands oil pipelines, putting it on a collision course with its commitments to Indigenous rights and the Paris climate agreement. But British Columbia has refused to yield.
Indigenous leaders, who have been at the forefront of a grassroots campaign against the Trans Mountain project, have vowed that the pipeline "will never be built".
Green Party Leader Elizabeth May called the purchase 'an historic blunder with taxpayer dollars'.
Stetski accused the Liberals of walking back on their election promises to end fossil fuel subsidies and raised concerns that the overall price tag could climb much higher than $4.5 billion.
This announcement will certainly come as good news for some people: oil producers, construction companies, skilled workers and governments who will see revenues from oil sales grow with added production.
The project will be worthwhile for the federal and Alberta governments even if it sells for less than it costs because it will improve access by oil producers to world markets, ensuring better prices that will translate into billions of dollars in corporate income taxes and oil royalties, he said.
The project has proved controversial in the country with politicians, local communities and activists all seeking to stop the expansion.
Kris Sims, B.C. director of the Canadian Taxpayers Federation, was initially in favour of the Trans Mountain expansion, but said her support is wearing thin now with the $12-billion bill being handed to taxpayers.
The plan - similar to how Canada financed and managed shares in General Motors and Chrysler in 2009 during the financial crisis - will include a new Crown corporation to manage the project.
"That is how we pay for the services that we provide to our province".
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