Oct 5, 2017
'A glorious day for Donald Trump': Ex-N.B. Premier slams Canadian energy policy
The former premier of New Brunswick believes the termination of TransCanada’s Energy East pipeline is a disservice to ‘the majority’ of Canadians.
Frank McKenna – who is currently deputy chair of the TD Bank Group – told BNN that killing the pipeline will only harm the Canadian energy market.
“Canadians have to look in the mirror and decide: ‘Is this what we want?’” McKenna told BNN on Thursday. “Do we want to continue to receive sub-optimum prices for our resources? Would we be better off simply having a debate as to whether we want to produce the resources or not?”
“At least have an honest debate, instead of this phony debate that allows obstructionists – almost to the point of militancy – to killing what every poll has demonstrated is the will of the majority. And that’s what we have today.”
The proposed pipeline was cancelled on Thursday and the decision could carry a $1 billion non-cash charge, according to the company.
McKenna believes that TransCanada is not to blame for the conditions that led to pulling the plug.
“TransCanada has spent a huge amount of money on this project, and I think they looked at the idea of spending huge amounts – and we’re talking close to $1 billion – into the future without any certainty at all that they could ever get through the political quagmire that’s been created in front of them.” McKenna said.
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THE DEATH OF ENERGY EAST
He also believes that Canadian in-fighting over pipelines has played right into the hands of the Trump administration.
“It’s a glorious day for Donald Trump,” McKenna said. “People in Canada have to understand that the big winner here is President Trump. He approved Keystone XL, which is going to move a huge amount of Canadian oil down into the heavily-discounted U.S. market.”
“At a time when he’s throwing up trade barriers on other fronts, he’s been able to secure a very, very lucrative Canadian supply of oil, and a great transfer of wealth from Canada.”