The message being sent is clear: Canada is not open for business.
Gwyn Morgan – formerly the CEO of large Canadian oil and gas producer Encana – is warning that the Trans Mountain pipeline debacle is further damaging confidence in Canada as a place to invest:
Gwyn Morgan, the former CEO of Encana, told BNN on Monday that “Canada’s reputation today is in tatters.” “This is bigger than Kinder Morgan. It’s even bigger than the oil and gas industry and pipelines,” Morgan said. “It has to do with whether or not protest groups, dissident governments like the one we have here in B.C. now can actually stop commerce within the country that is in the national interest.”
Morgan says the regulatory system has been ‘politicized,’ which is pushing investors away:
“My concern is everything the government has done has more form than substance to it. The new regulatory process that has been announced with much fanfare is going to be make it even more difficult to get projects done. So, we have a totally politicized system. It’s simply not acceptable to investors, and until that changes in a major way, I don’t see how investors will try to put their money down again through a process that is endless and will more or less fail anyway.”
“More form than substance” is a great summation of the Trudeau government, as their ‘commitment’ to pipelines has been totally empty, and has failed miserably.
Morgan points out that the regulatory process will “make it even more difficult to get projects done.”
He also discussed declining outside investment in Canada, saying it keeps going down as confidence recedes. “It’s the whole confidence of investors in Canada – not just the oil and gas industry – and the government has to realize this.”
Yet, we have seen zero willingness from the Trudeau government to listen to any criticism of their terrible policies, which means the loss of investment and the squandering of our national prosperity will keep getting worse.
Photo – YouTube