Closing Down Canada’s Oil and Gas Industries (Part 2 of 2)
The Liberal Government has passed Bill C-69, which revamps the federal environmental assessment process for major resource projects, and Bill C-48, which places a moratorium on oil tanker activity along the BC coast. Western Canadians and industry leaders have forewarned that these Bills will bury the oil and gas industry in a regulatory quagmire and kill investment in resource development projects. Even more worrisome than this is the thought that these new laws have spurred raw, regional tensions that could result in the busting apart of Canada itself. The universal reaction from the Canadian oil and gas industry is that these two Bills combined will damage investor confidence in future resource development, which in turn will weaken the broader Canadian economy. The Canadian Association of Petroleum Producers (CAPP) proclaimed the new regulations “make an already complex system more complicated while ultimately raising uncertainty and the potential for litigation.” Tim McMillan, CAPP president and CEO observed: “The impacts of a flawed Bill C-69 go well beyond hurting Canada’s oil and natural gas industry. Every Canadian will be hurt by driving investment out of the country and preventing important nation-building projects from being developed.”