Article content

Earlier this month, TransCanada Corporation, a major North American energy company, pulled the plug on Energy East — its 1.1-million-barrel-per-day oil pipeline between Alberta and New Brunswick — after the company said it would conduct a “careful review” of the cost impacts of the National Energy Board’s changing regulations.

It was the latest hit in a chain of bad news for Canada’s energy industry, and further evidence that Canada’s growing regulatory barriers may be damaging our investment climate.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Opinion: Red tape chasing investors away from oilpatch Back to video

Although plunging oil prices and the approval of competing pipelines such as Keystone XL contributed to the cancellation of the East Energy pipeline, the fact that governments continue to pile on new taxes and unclear regulations is killing existing projects and driving investment away from Canada.

Consider this: A 2016 Fraser Institute survey of energy executives and managers found that Alberta’s investment attractiveness experienced a significant decline over the past few years. In 2014, Alberta ranked in the top 15 most attractive jurisdictions, but tumbled to 25th in 2015 and continued its downward slide to 43rd in 2016. This ranking is based on a Policy Perception Index score, which measures the extent to which policy deters oil and gas investment.