NATIONALIZED: Trudeau Government To Spend $4.5 Billion Taxpayer Dollars To Buy Kinder Morgan Trans Mountain Pipeline

The fact that it has now come to this will only further demonstrate how difficult it is for private sector companies to succeed under current conditions.

The Trudeau government is nationalizing the Trans Mountain Pipeline.

Under a deal between the Trudeau government and Kinder Morgan, the government says pipeline construction will continue while the agreement is finalized, and that the federal government will take ownership of the pipeline by August.

The cost to Canadian taxpayers will be $4.5 Billion.

In a press conference, Bill Morneau said “We believe this is the best way to protect thousands of well-paying jobs and the safest and most effective way to get our resources to world markets. Make no mistake: this is an investment in Canada’s future.”

On Twitter, Justin Trudeau said “Today, we’ve taken action to create & protect jobs in Alberta and BC, and restart construction on the TMX pipeline expansion, a vital project in the national interest.”

Andrew Scheer pushed back:

“Today Justin Trudeau admitted he has failed Canadian energy workers and investors. He is handing Canadians a $4.5 billion bill for this failure.”

Scheer makes an important point: The government is not supposed to have to give private companies billions of taxpayers dollars to get projects going.

Notably, that $4.5 billion bill only covers the initial sale of the pipeline, not the ongoing construction costs – which will also be covered by the taxpayers of our country.

Making this such a crazy situation is the fact that the project was already approved. The government said they had the authority to ensure it was done. And Trudeau had promised that his carbon tax and environmental policies would create the ‘social licence’ necessary for the energy industry – in the private sector – to succeed.

Instead, we have now reached the absurd and disturbing situation in which massive amounts of public money are needed to get a project going – even after it was approved. That will send an incredibly destructive message to those considering investments in Canada.

And while the government says they will find a buyer to sell it to, there are no guarantees that this will work out well for Canadians financially.

The worst case scenario would have been the project ending entirely. But the government shouldn’t be spinning this as something they should get credit for. This is still a sad day for Canada, and it raises ominous prospects about the future of growth and investment in our nation.

Spencer Fernando

Photo – Twitter

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Louis JoannetteMoe S.Norbert KausenTimothy HickeyLawrence Tierney Recent comment authors
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mellany
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mellany

who owns the companies?
that tax payers r going to give money to?
foreign investors yet again?

Ron Voss
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Ron Voss

I don’t get how nationalizing will make a difference? The protestors will continue to protest and block the pipeline. BC will continue its court challenges?

Ralph Knapp
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Ralph Knapp

So, the Boy is borrowing $4.5 billion to buy the company because he wanted his own way. So, now the project will likely cost at least 50% more to complete, and, like most government undertakings, take twice as long to complete. This is disastrous for Canada in so many ways.

Dave Bainard
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Dave Bainard

All this deal means is that the protesters have to change their signs.

Lawrence Tierney
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Lawrence Tierney

On Twitter, Justin Trudeau said “Today, we’ve taken action to create & protect jobs in Alberta and BC, and restart construction on the TMX pipeline expansion, a vital project in the national interest.”

What Trudeau means is that the LIBERAL Government will Control the Jobs in the energy Sectors in Alberta and BC.

When that happens, the LIBERAL Party will be able to extort both provinces and apply even more political pressure on ordinary Canadians.

Timothy Hickey
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Timothy Hickey

How much of that $4.5 Billion bill is being paid out to KM under the NAFTA Agreement? And how much more will it cost Canadians to expand the existing pipeline?

Either way, taxpayers are being hosed!

This situation would never happen under a Non-Partisan Canadian Government where the WILL of a Real Majority of voting Shareholders in Corporate Canada were to be acted upon!

In 2019 we MUST vote out partisan governments in favour of a Non-Partisan Canadian Government!

Norbert Kausen
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Norbert Kausen

That is so WRONG, WRONG, WRONG, on so many levels!!! That IMBECILE thinks he is his father, expropriating oil companies, using tax dollars, then creating PetroCanada; (PierreElliot Trudeau Rips Off Canadians)!! THAT characteristic of communist totalitarianism! Trudeau shows his absolute contempt for the Canadian people and exposes his delusional sanctimonious fantasies! He is a disgrace to Canada and everything Canadian!

Moe S.
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Moe S.

Trudeau, who has made 16 trips to the U.S. to get businesses to invest in Canada. NAFTA endlessly stuck. An influx of thousands of illegal border crossers whom Trudeau refuses to enforce immigration law upon. Trudeau’s incompetency to get ANYTHING DONE has long ago signaled to investors we are a CAN’T DO country. Yet, Mr. Bay Street Morneau tells Canadian Taxpayers who are now ON THE HOOK for ALL of the financial risks, this is a ‘sound investment.’ Canadians are now supposed to be convinced by Trudeau, whom Canadians are not even sure at times there’s evidence the man has… Read more »

Louis Joannette
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Whit our KID goverment we are now stuck with the bill / and NO KNOWLEDGE PIPELINE ADMINISTRATOR and the Trudeau gouv just woke up after the oil industry investor left our OIL PROJECT / business man do not like to deal with PEE WEE .. Now our good government WAKE UP and decide to go ahead by punishing the population for the bill. And also we lost the oil specialist savey , thus training new one at our cost . We have to get the pipeline to IRVING OIL IN NEW BRUNSWICK for the east market and the world .Whit… Read more »