CLAIM: The federal government is now losing money on Trans Mountain.
THE FACTS: The federal government created a regulatory environment so unfriendly that its own taxpayer-funded pipeline is losing money – and jeopardizing Indigenous economic opportunity, Canada’s energy security, and our supply of responsibly produced oil to meet global demand.
Here’s some facts and sources to have a reasoned conversation about the trans mountain:
- Canada’s largest oil producers have underwritten the pipeline costs by committing to long-term shipping contracts at fixed prices. These risked their own money because they thought it would be profitable, but government regulation increased costs.
- The increase in cost and delays jeopardizes the economic opportunity for Indigenous communities along the route provided through benefits agreements with TMX.
120 of the 129 communities along the path either support the project or do not oppose it and 73 Indigenous groups have signed benefits agreements.
- Oil demand is expected to increase to 2040, but supply chain issues could put our energy security in jeopardy.
- With global oil demand expected to increase, we will need more countries like Canada to supply reliable energy to non-OECD countries with the lowest environmental impacts.
Stories that get it right
Alberta Premier Jason Kenney and oilsands industry executives are in the U.S. capital as part of a fresh push to rehabilitate the public image of Canada’s fossil fuels.
At the core of the effort is the Pathways Alliance, a coalition of oilsands producers that hopes to eliminate the industry’s greenhouse gas emissions by 2050.
The alliance is proposing a multibillion-dollar carbon capture and storage project that would store harmful emissions deep in the Prairies to keep them out of the atmosphere.