In a stunning turn in an already unprecedented saga, Finance Minister Bill Morneau announced this morning that the federal government will buy the Trans Mountain pipeline project from Kinder Morgan for $4.5-billion, essentially nationalizing the project.
Trudeau government nationalizes Trans Mountain pipeline project—further proof that Canada is closed for business
Kinder Morgan stopped all “non-essential spending” on the $7.4 billion project due to regulatory, legal and political barriers.
The proposed Enbridge Line 3 pipeline would carry 760,000 barrels per day from Alberta to Wisconsin.
Premier John Horgan has led B.C.’s obstruction of the pipeline project.
At least 51 First Nation communities signed agreements worth more than $400 million with the Trans Mountain pipeline project.
Due to pipeline constraints, Canadian oil producers are selling unrefined bitumen at a fraction of the price many competitors receive.
Apparently, in the eyes of the B.C. government, the National Energy Board is not up to the task.
Since 2015, the Alberta government has increased corporate income taxes and implemented a carbon tax.