Georgia Strait Alliance shocked as Feds bailout Kinder Morgan’s Texan investors

In response to today’s announcement by federal Finance Minister Bill Morneau that the government will spend $4.5 billion to purchase the existing assets of Kinder Morgan Canada and another unknown billions of dollars to construct the pipeline, the Executive Director of Georgia Strait Alliance Christianne Wilhelmson said:

“This is an unprecedented decision and the worst possible outcome imaginable. Investors in Kinder Morgan have lost confidence in this project and the response by our federal government is to bailout this giant Texas oil company, enabling it to walk away with billions. Every single Canadian taxpayer is on now on the hook for the $4.5-billion purchase price which is for existing Kinder Morgan Canada assets; it doesn’t include the cost of twinning the pipeline or the cost of current court cases. It also doesn’t address the lack of consultation and Indigenous rights, nor does the government’s decision mitigate the real risks of the projects. This is a bad decision from beginning to end, and it’s one Canadians will be paying for years.

The federal government has decided to spend billions of dollars to put our coast, coastal communities, natural environment and marine habitat at risk as it supports a 700 percent increase in tanker traffic off the BC coast. Prime Minister Trudeau is investing in yesterday’s economy instead of forging a path forward in the renewable economy as many other countries are doing.

There is still no business case for this pipeline, and nothing but risk for coastal communities. Today’s announcement puts the 76 endangered resident orcas in the Salish Sea in grave danger. Investing taxpayer dollars in this failed tanker-and-pipeline project is indefensible and we will continue to stand strong and defend our coast.”