PSAC frustrated national interest pipeline infrastructure is delayed indefinitely
The Petroleum Services Association of Canada (PSAC) expresses its disillusionment and frustration by the decision of the Federal Court of Appeal to quash the approval of the Trans Mountain Pipeline Expansion Project.
Tom Whalen, President & CEO of PSAC said, “This day will go down in history as a pivotal point for our economy, our Indigenous peoples, and the global environment; one that sees Canada allow its own prospects for prosperity be quashed while relinquishing the ability to reduce global GHG emissions with our responsibly developed oil.
“This decision, if allowed to stand, means the loss of thousands of middle-class jobs, economic opportunity and a pathway from poverty for our Indigenous peoples, billions of dollars in tax and royalty revenue to our governments to support social programs such as health care, education and roads. Just as important, today’s ruling confirms what investors have suspected for some time now, that Canada is a country that cannot get projects done, even when they have been deemed in the national best interest. The Canadian investment crisis has implications well beyond the energy sector.
“TMX was federally approved following one of the most comprehensive and rigorous environmental assessment reviews in history. With numerous additional hurdles now facing the attraction of capital investment such as Bill C-48 and Bill C-69, TMX was the catalyst to prove we are indeed a country open for business. That we are, is now in question.
“Capital investment in our industry is in sequential decline and at a multi-year low. In order to stem the flow of capital investment to Canada further, swift action must be taken. We call on the Government of Canada to review today’s decision by the Federal Court of Appeal and pursue every possible avenue to see this expansion project, that they have purchased on behalf of Canadians, expedited and completed, to benefit all Canadians and restore our international reputation as a country that can get projects done.
“Clearly, government must do more to ensure that regulations provide clear direction and timelines for approval of projects to provide certainty and predictability for investors. Final approvals dependent on political decisions based on the mood of the day and approvals overturned or challenged by incoming regimes will only serve to see additional capital deployed in more attractive and business-friendly jurisdictions. We need to get this right, now.”