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There is also potential for a $7.5-billion increase annually to government revenues, and $45 billion increase in gross domestic product by 2030. However, we are not on track to see those benefits. Canadian oil and natural gas will only see fair market value when the industry has better access to global markets.

Pipelines are a safe and economic way to ship product, and when it’s efficient to ship, we get a better price. Pipelines also make it possible to sell Canadian resources to new markets across the ocean. The demand is there, so when we have greater demand for our product, we can sell it for a higher price.

Unfortunately, the regulatory process in Canada is making it virtually impossible to get new pipelines built. This is about to get even worse if the federal government passes Bill C-69 in its current form. The Bill will change the National Energy Board and Canadian Environmental Assessment Acts, resulting in a new regulatory process. The government’s direction is flawed, and Bill C-69 will only increase complexity and uncertainty.

Capital investment in Canada’s oil and natural gas sector has dropped by half since 2014. As investors turn away from Canada due to regulatory uncertainty, we lose out on market opportunities, and our standard of living is put at risk.

As investment goes elsewhere, Canadians are losing jobs. It means industrial suppliers and manufacturers in Ontario are not getting the contracts connected with that investment, and the future prosperity generated by that investment is lost. Those consequences are significant and the impact will snowball.

There is no magic solution, but we must turn things around. It will take commitment and action from government to improve the situation for Canadians. Pause Bill C-69 until it is fixed and enables investment to return.

Tim McMillan is President and CEO of the Canadian Association of Petroleum Producers.