Remember that 67-year-old pipeline and its controversial bitumen expansion project that Prime Minister Justin Trudeau bought from Kinder Morgan for $4.5 billion in 2018?
Well, a lot has happened since then.
For starters, the bitumen export project has climbed from a price tag of $7.8 billion to $12.6 billion and counting.
Meanwhile, a global pandemic has slowed the economy to a crawl and destabilized oil prices by bluntly curbing demand, probably for years.
The troubled oil industry, already reeling from global overproduction and crushing debt, is now actively contracting.
Cenovus and Husky, two of the five largest oilsands producers, just merged to save money by killing more than 2,000 jobs. Suncor axed another 2,000 employees. The so-called “economic engine of Canada” is shedding jobs, not making them.
As the world’s oil industry shrinks, prospects for global economic recovery seem remote if not problematic, because the world runs on oil.
And climate change, the topic everyone likes to endlessly talk about, continues to erode shorelines, burn forests, create refugees and undermine global security.
So does the world still need the Trans Mountain expansion project?
That’s the timely question David Hughes, one of the country’s foremost energy experts, deftly answers in his latest report for the Canadian Centre for Policy Alternatives.
And the answer is a big fat no.
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