Canada's Dirty $20-Billion Pipeline Bailout

Canada's Dirty $20-Billion Pipeline Bailout

Kinder Morgan Canada's shares rose rough 3% in early Tuesday trading as the federal government unveiled its big-budget strategy to save its planned expanse to the Trans Mountain pipeline.

"Despite tens of thousands of people opposing it, he just used taxpayer money to bailout a project that communities don't want, that would break his own climate commitments, and that Indigenous peoples are fighting from the frontlines to the courtrooms", Thomas-Muller added.

But even if the Keystone XL pipeline is built, Canada is still selling 99% of its oil to refineries in the USA and that narrow market means they now get far less per barrel than they would if they had access to an alternative market.

Notley held a jubilant news conference in front of the legislature in Edmonton after the federal government announced it is buying the 65-year-old oil pipeline from Alberta to the B.C. coast.

Ottawa has the constitutional authority to build interprovincial projects like pipelines, but B.C. Premier John Horgan has gone to court to get a judge to weigh in on whether B.C.'s jurisdiction for the environment would allow him to regulate what flows through the pipeline.

Kinder Morgan, which could no longer afford the $7.4-billion project, took advantage of a bitumen republic that foolishly proclaimed an unneeded pipeline a matter of "national interest" without so much as a risk analysis or simple cost benefit report. "The cost that they did not calculate in their $4.5 billion purchase is that Indigenous frontlines will stop this pipeline".

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The opposition to the project centers on the increased tanker traffic through the port of Vancouver and the Salish Sea that would result from its construction. The federal government and the Houston company were in talks for over a month about saving the project, which Kinder Morgan threatened to abandon as of Thursday unless federal officials remove political.

"The main obstacles to this deal have always been political, not economic", Wudrick said. "They're willing to get involved", said Ball. His days of getting out of Canada to bask in the adoring selfies are over. The majority of Nations impacted by this project have not given their consent and seven are already suing the federal government over it. "I didn't think the government was actually this stupid to buy a pipeline that has 17 court cases against it".

Premier Scott Moe has been a vocal backer of the project. A new Crown corporation will be created to manage the project.

That would have compared favourably to rail costs of US$18 per barrel to the U.S. Gulf Coast and US$16 per barrel to Los Angeles, the company said. The B.C. government disputes that position, arguing the pipeline expansion poses an environmental threat. That is not who we are, ” said Carr.

Rueben George, spokesman for the Tsleil-Waututh's Sacred Trust Initiative which is opposing the pipeline, called the decision a bad risk for Canadian taxpayers.

Tom Whalen, CEO of the Petroleum Services Association of Canada, in a statement that PSAC is " deeply concerned that in light of opposition, and in order for the project to move forward, government intervention was required". But Ottawa will immediately seek new buyers in the private sector and has promised to also extend insurance to them for any politically-motivated delays.

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