What would $50 billion mean in terms of jobs, economic growth and revenues to governments that could help pay for health care, education and social programs? That’s a question that was answered in the case of two major proposed energy infrastructure projects: Pacific NorthWest LNG and the TransCanada Energy East pipeline. Economic analyses by the Conference Board of Canada showed these capital-intensive projects would have created thousands of jobs and been a boon to the economy for decades. Unfortunately, the proponents walked away from their plans in 2017.
Tim McMillan, president and CEO of the Canadian Association of Petroleum Producers, has called these cancellations a “wake-up call” for Canadians, noting that evolving and uncertain government policies are having an impact on the ability of Canada’s oil and natural gas industry’s ability to compete and attract investment.
“If Canada wants to remain competitive globally, it is imperative our industry and governments work together to ensure our energy regulations both protect the environment and attract long-term investment,” says McMillan.