Canada is falling behind.
The Federal Court of Appeal’s decision against Trans Mountain is evidence Canada’s regulatory system not only creates uncertainty for industry and investors, but is so complex the Government of Canada and National Energy Board have not met its own requirements on more than one occasion.
Continued uncertainty regarding Canada’s regulatory process is not in the country’s best interest. It deters foreign investment and results in excessive delays, cost overruns and more red tape.
A report released by Scotiabank highlights the fact that without new pipeline projects, Canada’s economy is expected to lose out on $15.6 billion.
The fact is, total capital spending by the oil and natural gas industry in the Canadian economy was $45 billion in 2017 – a 44-per-cent decline compared to $81 billion in 2014, and a 19-per-cent drop from 2016. Meanwhile, capital spending in the United States increased by about 38 per cent to $120 billion thanks to a more streamlined regulatory system.
Canadians cannot afford to continue see further investment leave our country. There is just too much on the line.
Send a letter to Prime Minister Justin Trudeau and Finance Minister Bill Morneau today asking they do all they can to make sure this project is completed!