Teck Frontier: Another Energy Company Runs for the Hills
Just when we thought Trudeau couldn’t possibly turn another potential Albertan energy project into a catastrophic failure, he yet again proves us wrong.
Last night, Teck Frontier withdrew its application for a
massive oil sands mine in Alberta just days before the federal deadline to
approve or decline the project. Teck has
said it wrote off approximately $1.13 billion in sunk costs for the same reason
Enbridge and TransCanada dropped their projects; an
ever changing regulatory system imposed by
the anti-resource, anti-Alberta Liberal
I feel like
a broken record on this issue; Alberta continues to be ignored while other
regions of the country get money for sausage factories and billionaire donors
to the Liberals get corporate welfare. We have one of the highest rates of
unemployment in the country, almost two full percentage points higher than the national average. Cost of living is
going up, taxes are going up, and small businesses are shutting their doors. In
spite of a global rise in oil and gas
investment, Canada has seen a sharp decline since the Liberals formed
To put this
decline in perspective, the Teck oil sands mine alone was expected to create an
estimated 7,000 construction jobs, 2,500 operating jobs and about $12 billion
in federal income and capital taxes.
Now it joins
the club of over $120 billion dollars in energy projects that were cancelled
due to Liberal hostility and incompetence. And Trudeau will do what he always
does: Blame everyone other than himself. This project has been sitting on his
desk since last July. Instead of approving it, he
decided to sit like a deer in headlights while he watched billions of dollars
already losing Citadel Drilling, Encana, Chevron, and we’ve even heard that TransCanada
had to change its name to attract investors who are wary of investing in
Canadian energy. And now we’ve lost Teck.
This cannot continue. We cannot allow our energy sector, projects of vital provincial, national, and indigenous benefit, to be hijacked by anti-energy interest groups whose only real stake in these projects is a location to wave signs. Enough is enough. Let’s get Alberta back to work.