TransCanada declined to elaborate on their reasons for pulling the plug on Energy East, but they didn’t need to. The federal government has axed almost every major oil and gas project it had a hand in, costing the Canadian economy billions.
In addition to the hit to our economy however, other repercussions from this pipeline being cancelled are against Canadian values.
Now that Energy East is dead, we can expect more conflict oil from OPEC countries like Saudi Arabia, Nigeria, Algeria, and beyond.
Thirty-three percent of the foreign oil coming into Canada was from the OPEC Cartel last year and Canadians paid $2.5B to Saudi Arabia for their oil in 2014 alone.
With the demand for oil set to increase as the population increases, we can expect that figure to rise. The Liberals and the Alberta NDP said yes to this project on the surface, but Energy East is dead, so really, they said yes to more conflict oil.