Teck Resources decision proves socialist Canada is inhospitable to energy development

It sends a message to foreign investors that sovereign risk in Canada’s energy sector is comparable to a banana republic

A critical responsibility of prime ministerial leadership is to set priorities in the national interest and advance them with determination and integrity. Prime Minister Justin Trudeau’s recent performance has been the opposite: a haphazard and indecisive pursuit of misplaced priorities that severely damage our economy, undermine public confidence in our institutions and inflame regional resentment. Ironically, his failure relates to an issue he sermonizes about constantly: balancing resource development, environmental protection and Aboriginal reconciliation.

Trudeau’s latest catastrophic failure relates to Teck Resources’ decision to cancel its $20.6-billion Frontier oilsands mine in northeast Alberta, a project that received regulatory approval and support from all 14 First Nations and Métis communities the mine would have impacted, who are bitterly disappointed by the news. The company wrote off $1.13 billion in sunk costs for the same reason Enbridge and TransCanada wrote off comparably staggering amounts and Kinder Morgan would have done, too, had it not been bailed out by the Canadian taxpayers. The inability of the government to reconcile resource development and climate change put Teck in an untenable position. Well over $120 billion of projects have been cancelled in the past three years of Liberal hostility and incompetence. The latest may signal the death knell for further projects.

Frontier pitted majority Aboriginal support, jobs, growth and national unity against hereditary chiefs, environmental militants and intolerant groupthink. The political contest was between hard facts versus fear-mongering. The loss is staggering: 7,000 jobs during construction, 2,500 during operation and $70 billion in taxes to governments to fund health care, education and infrastructure. Rejection is another body blow to a resentful and beleaguered Alberta and a message to foreign investors that sovereign risk in Canada’s energy sector is comparable to a banana republic.

https://business.financialpost.com/opinion/joe-oliver-teck-decision-proves-canada-is-inhospitable-to-energy-development

idiots

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Anarcho-Capitalist, AnCaps Forum, Ancapolis, OZschwitz Contraband
“The state calls its own violence law, but that of the individual, crime.”-- Max Stirner
"Remember: Evil exists because good men don't kill the government officials committing it." -- Kurt Hofmann

Teck Resources decision proves socialist Canada is inhospitable to energy development

It sends a message to foreign investors that sovereign risk in Canada’s energy sector is comparable to a banana republic

Teck Resources decision proves socialist Canada is inhospitable to energy development

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