While BC wouldn’t have seen any direct benefit from the Energy East pipeline, the decision to kill it was gut wrenching for the province nonetheless, and we share the pain of those in Alberta and Saskatchewan who suffered a direct hit.
Since Justin Trudeau's election in 2015, BC has actually had it worst of all when it comes to cancelled or suspended energy projects.
The federal government's decision to implement a national carbon tax, and include down stream emissions impacts of new projects has resulted in a loss of energy investment not only in the form of oil pipelines but in natural gas as well.
Watch as I do the math on all of the cancelled projects that amount to a staggering $60B loss in investment for British Columbia, which could still grow to over $100B.
And, the loss of investment in oil pipelines in BC and across the country pales in comparison to the cancelled and suspended investments in BC's natural gas industry.
Beginning with the recently cancelled Pacific Northwest LNG project backed by Petronas, BC lost a potential $36B investment, then just a couple of weeks ago, the $28B Aurora LNG project was also cancelled.
Is there any chance that the Transmountain expansion pipeline — valued at around $7B — will even be built?
It was approved by the Trudeau Liberals and the NEB with construction slated to start last month, but September has come and gone and work has not begun.
The project’s in Federal Appeals Court now with some First Nations, municipalities and environmental groups challenging the approval. Any ruling against the project might just mean Kinder Morgan will pull the plug like TransCanada did with Energy East.
They’ll just write off a loss and abandon the project to look for jurisdictions far more friendly than Trudeau's Canada to invest in.