In an interview with Evan Solomon, host of CTV’s Question Period, former Premier and Canadian Ambassador to the US Frank Mckenna has said that TransCanada’s decision to cancel the $15.7 billion Energy East pipeline is a “huge win” for U.S. President Donald Trump and a big loss for New Brunswick.
The proposed pipeline was designed to transport crude oil 4,500 kilometers from Alberta to New Brunswick for refinement and then sale.
As the project not only provided more than 3000 jobs but also allowed Canada to further reduce its reliance on American sales and refinement. An issue which has kept the price of Canadian exports to the states at all time lows for decades.
In fact, Canadians pay more for our own oil than our subsidized neighbors do as they remain our majority buyer allowing the one in seven American cars to run off Canadian oil at a fraction of the actual cost.
While the federal government could have pushed harder to see the project get approved, he said the political blame game could only go so far because the real downfall was the regulatory approval process.
“The fact is the process is the enemy of this project and of all the others projects that are trying to take place in this country of ours,” said McKenna.