The City of Cold Lake expressed support for the Government of Alberta’s decision to invest in the Keystone XL pipeline.
“In a time when many are struggling to see when and how our lives will return to normal, this represents strong, decisive leadership,” Mayor Craig Copeland said.
Copeland recognized that while many residents are diligently following the guidelines surrounding the COVID-19 response, they are also worried about what the future economy has in store once physical distancing measures are lifted. The expression of support came after today’s news that the Alberta Government’s $1.5 billion investment under an agreement with TC Energy will see work on the pipeline start tomorrow. Once completed, the pipeline will supply refineries with over 830,000 barrels of oil a day.
“People need to be working to take care of themselves and their families and pay the taxes governments use to fund public services: Ultimately, it is our business community that allows governments of all levels to provide the services that they do,” Copeland said. “We cannot leave industry or our business community behind. To do so would decimate the corporate and income tax base that funds the services we hold dear as Canadians. Investment in our energy sector will benefit all Albertans by creating excellent jobs and economic stimulus. The benefit will not only reach all corners of our province, but will also help lift the Canadian economy.”
Copeland pointed to news that the Keystone XL pipeline’s future capacity is being booked by energy producers as a strong sign that the investment has already brought a measure of confidence back to Alberta’s energy sector, and a measure of hope to many Albertans who recently have found themselves out of work.
The pipeline is expected to generate $30 billion in tax and royalty revenues for future Albertans and Canadians, according to the Government of Alberta.
“This is news that all Albertans – and all Canadians – can get behind,” Copeland said. “People will want to know that they will have a job in a functioning economy to return to when the COVID-19 situation is over. Not only will this investment allow us to regain our economic foothold, but it will allow us to work towards meaningful economic growth. All our residents want is a fair chance to work hard and provide for their families. This news shows us that our chance is coming.”