The delay in construction of the Trans Mountain Pipeline project does not bode for our economy on both a Federal and provincial scale.
That’s according to Tim Pickering, President and CEO of Auspice Capital, who feels the Federal government became too distracted by other issues when they should’ve been doing more to ensure the pipeline gets built.
The project was put on hold last week after the Federal Court of Appeal ruled to halt the expansion.
Pickering tells Fort McMurray News this ruling will have a negative long-term effect on foreign oil investors’ interest in Canada.
“We are going to see a pullback in not only the companies we have already operating in Canada but further investment in Canada. This is going to hurt. This is not going to be fixed in a year or two, this is going to take five or ten years.”
The FCA’s decision ultimately came down to a crucial error made by the National Energy Board in its application, as well as lack of Indigenous consultation on the part of the Federal Liberals.
Pickering adds that both the Federal and provincial government deserve to share the blame, however, the Feds should’ve learned from past pipeline mishaps such as Northern Gateway and Energy East.
“Trans Mountain was kind of the last possibility and the Trudeau government has not fulfilled the promise they made to Canadians. The Alberta NDP has also not fulfilled the promise they made to Albertans.”
Last week, Premier Rachel Notley said she was demanding the Federal government to appeal the decision, hold an emergency Parliament session and continue with Indigenous consultations.