After first being proposed in 2008, TC Energy's Keystone XL pipeline is finally being built with support and a cash injection from the Alberta Government.
In an early morning announcement, Alberta Premier Jason Kenney revealed that after ongoing talks with the company, his government would be providing $1.5 billion in direct spending and another $7 billion in loan guarantees to TC Energy to complete its cross border export pipeline to the United States.
In return, the pipeline company announced that construction would begin immediately on the pipeline that has received repeated approvals from the Trump White House.
As much as I loathe the government getting its inept hands into private industry, these are extraordinary economic times, not seen in nearly 100 years. A barrel of Western Canadian Select is cheaper than a jug of supply managed milk. A million people applied for unemployment benefits last week.
At a time when Trudeau is bailing out everyone from Bombardier to the mainstream media while ignoring or encouraging the bloodbath in the energy sector, something had to be done to protect thousands of upstream oil and gas jobs that would be supported by the pipeline.
Help for the oil and gas sector being hammered by the coronavirus shutdown was promised by federal finance minister Bill Morneau to come in “hours” or “days”. That was a week ago.
However, the media got another bailout. So did environmental charities.
Help from the feds is never coming, and that has been all but confirmed by Infrastructure Minister Catherine McKenna, when she described oil and gas jobs as not “meaningful.”
Perhaps now, our mainstream conservative politicians can park their unwarranted Trump hate and embrace the news that Alberta has a good friend in the Oval Office, willing to help us feed our families when Trudeau won’t.